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.
1 Replies
KOUSHAL JAIN
(Chartered Accountant)
(471 Points)
Replied 04 July 2018
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%.
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