New Penalty for underreporting and misreporting of income under Income tax act
Penalty for underreporting and misreporting of income As per Finance Bill 2016 the following section shall be inserted in Income tax act 1961 with effect from the 1st day of April, 2017, namely:— ‘Section 270A. (1) The Assessing Officer or the Commissioner (Appeals) or the Principal Commissioner or Commissioner may direct that any person who… Read More »