Section 73 and74
Ketan Singh (self employed) (26 Points)
19 October 2021Ketan Singh (self employed) (26 Points)
19 October 2021
Kev Men
(788 Points)
Replied 19 October 2021
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 19 October 2021
However, due to amendment in the rule it is optional. Thus,if in response to such intimation u/s 74 (5) person pays such ascertained tax and interest, then he will required to pay penalty equivalent to 15 % of the such tax in fraud case. And no penalty is payable under section 73 (5) for normal case.