how do we calculate penalty under section 271(1)(c).? plz elaborate
if an assessee have returned income 10 lakh
additions of Rs. 10 lakh is made. out of total addition, penalty is initiated on Rs. 5 lakh.
if tax rate upto 2 lakh . Nil
2 lakh to 10 lakh = 10%
from 10 lakh to 15 lakh = 15%
from 15 lakh to 20 lakh = 20%
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Penalty u/s 271(1)(c)
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Penalty will be the difference between the tax on total income excluding the concealed income and tax on total income including concealed income. for example, if the tax on 20 lakhs (returned income + addition) is 255000/- and tax on total 15 lakhs is 155000/-, then the penalty will be 100 to 300 percentage of 100000 (255000 - 155000)
Thank U Sir
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