Penalty provisions under sec 270A of IT Act
This query is : Resolved
06 October 2017
The person is considered to have under reported the income of the Loss has been get reduced because of assessment. Then say if under reported income comes to Rs 210000,
which is below the basic exemption limit. Then no penalty is payable??
07 October 2017
Penalty is payable. Inference - explanation (b) to section 270A(3).
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