Section 270A of ITA, 1961 : Section 270A: Penalty For Under Reporting And Misreporting Of Income

Explanation using Example

Imagine a scenario where Mr. Sharma, a business owner, files his income tax return for the financial year stating his income as INR 10 lakhs. After a detailed scrutiny, the Income Tax Department finds that Mr. Sharma had not reported INR 2 lakhs of income that he earned from a side business. Therefore, his actual income for the year should have been INR 12 lakhs.

As per Section 270A of the Income-tax Act...

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