Penalty u/s 271AAC(1)
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naveen kumar
(Querist)
08 March 2025
If total assessed income 10 lakh includes addition of Rs.7 lakh u/s 69 of the act. How we calculate penalty u/s 271AAC(1) of the Income tax act? Plz reply.
08 March 2025
The penalty is 10% of the tax payable under Section 115BBE.
Tax payable on Rs, 7 lakhs addition u/s 69 IT act would be Rs. 5,46,000/- including surcharge & Cess. So, penalty would be Rs. 54,600/-, unless already paid under return.
Tax payable on Rs, 7 lakhs addition u/s 69 IT act would be Rs. 5,46,000/- including surcharge & Cess. So, penalty would be Rs. 54,600/-, unless already paid under return.
04 October 2025
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