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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