What is the penalty provided for under reporting and misreporting of Income respectively under the Income Tax Act, 1961?

CS Executive · Tax Laws · PYQS · December 2023
What is the penalty provided for under reporting and misreporting of Income respectively under the Income Tax Act, 1961?
(A) 50% of tax payable on under reported income, 200% of tax payable on misreported income
(B) 25% of tax payable on under reported income, 100% of tax payable on misreported income
(C) 10% of tax payable on under reported income, 50% of tax payable on misreported income
(D) 5% of tax payable on under reported income, 25% of tax payable on misreported income

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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