The maximum penalty leviable for under reporting of income which results from misreporting of income by the assessee is:

CS Executive · Tax Laws and Practice · PYQS · December 2018
The maximum penalty leviable for under reporting of income which results from misreporting of income by the assessee is:
(A) Two hundred percent of the tax payable
(B) One hundred percent of the tax payable
(C) Fifty percent of the tax payable
(D) Three hundred percent of the tax payable

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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