what is tax sught to be evaded in case of Returnd income of Co. is Rs. 58040 and Assessd income is Rs. 349450 and TDS deducted is Rs. 90000.
what is tax sught to be evaded in case of Returnd income of Co. is Rs. 58040 and Assessd income is Rs. 349450 and TDS deducted is Rs. 90000.
Underreporting of Income = Income Assessed Under Section 143(3) - Income Assessed Under Section 143(1)
Underreporting of Income in our case = 349450-58040 = 291410
Tax Evasion in this case if Assessee is Company 291410*30.90% = 90045.69
Penalty under section 271(1)(c) is 200% if underreporting of income is misrepresentation of facts.
Otherwise in bonafide situation penalty is 50%.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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