information was called u/s 133(6) on scrutinizing documents difference between stamp duty value and agreement value of purchase of land in AY 2016-17 is taxed u/sb56(ii)(7).
what is the rate of tax and rate of interest applicable
Please guide
thanks in advance
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Applicable tax rate in this cse
Replies (3)
As per slab rate with interest and penalty. The penalties can range from Rs 100 to a maximum of 300% of the tax sought to be evaded, in addition to the tax payable.
As per newly inserted Section 270A (which has replaced section 271 of the income-tax Act), if an individual is found to have underreported her income, a penalty equal to 50% of income tax payable may be levied. However, in cases of “misreporting of income," penalty equal to 200% of the income tax payable may be levied.
interest rate is 18% p.a.
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