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Penalty u/s 271(1)(c)


MOHIT CHAUDHARY   30 May 2020

MOHIT CHAUDHARY

 19 points

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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%

avater

rama krishnan   31 May 2020

rama krishnan

 955 likes  10365 points

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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)

avater

MOHIT CHAUDHARY   31 May 2020

MOHIT CHAUDHARY

 19 points

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Thank U Sir


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