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Penalty Rationalization and Assessment procedures - What Budget says

Budget - By: - CS Swati Dodhi - Dated:- 1-3-2016 - Penalty Rationalization of existing penalty provisions Penalty to be levied in case of under-reporting and misreporting of income (w.e.f. 1 April 2017) Under-reported income: Penalty @ 50% of tax payable Misreporting of income: Penalty @ 200% of tax payable Under reporting defined objectively to be the difference between assessed income and income as per summary assessment Misreported income defined to cover: - Failure to report any internationa .....

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