Analysis with Examples section 270A of Income Tax -200% Penalty Presently, section 271(1)(c) of Income Tax Act, inter alia provides penalty for concealment of income or furnishing of inaccurate particulars of income. Finance Act, 2016 replaces the section 271 of Income Tax Act by section 270A and provides penalty for underreporting and misreporting of income… Read More »
Section 270A of Income Tax Act [ Inserted by Section 98 of Finance Act 2016 ] Insertion of new section 270A. 98. After section 270 of the Income-tax Act [as it stood immediately before its omission by section 105 of the Direct Tax Laws (Amendment) Act, 1987], the following section shall be inserted with effect… Read More »
How much Taxes to be Paid if you Deposit Undisclosed Income in Bank Account When any person deposit cash into bank account from undisclosed Income then Entire amount deposited is chargeable to Income Tax at maximum rate without the benefits of Income Tax Slab Rates. This undisclosed income will be treated as under reported income.… Read More »
Penalty for under reporting and misreporting of income Section 98 of Finance Act 2016 has inserted New section 270A in Income Tax Act 1961 Brief of Penalty for under reporting and misreporting of income The Assessing Officer or the Commissioner (Appeals) or the Principal Commissioner or Commissioner (‘specified authority’) are empowered to order payment of penalty… Read More »
Section 270A of Income Tax Act ( Section 270A – penalty in cases of under reporting and misreporting of income ) Finance Bill 2016 Rationalisation of penalty provisions Under the existing provisions, penalty on account of concealment of particulars of income or furnishing inaccurate particulars of income is leviable under section 271(1)(c) of the Income-tax Act. In… Read More »
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 »