Misreporting of income
ABHISHEK JAISWAL (34 Points)
26 November 2019
please make clear the difference between under reporting and mis reporting
1 Replies
Kapadia Pravin
(17264 Points)
Replied 26 November 2019
Under reporting is the deliberate act of reporting less income usually for income tax purposes. Under reporting income in order to avoid taxes is an illegal practice
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Mis-reporting of income as per Section 270A of Income Tax Act generally occurs in the circumstances stated below:
Mis-representation or suppression of facts;
Non-recording of investment in the books of accounts;
Claim of expenditure not substantiated by evidence
Recording of false entry in books of accounts
Failure to record any receipt in books of accounts
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Mis-reporting of income as per Section 270A of Income Tax Act generally occurs in the circumstances stated below:
Mis-representation or suppression of facts;
Non-recording of investment in the books of accounts;
Claim of expenditure not substantiated by evidence
Recording of false entry in books of accounts
Failure to record any receipt in books of accounts
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