Tag Archives: under reporting

Download Form No 68 – Grant immunity from penalty u/s 270A -Notified by CBDT for under-reporting or misreporting of income

MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 05th October, 2016 [Notification No. 90 /2016/F.No.370142/26/2016-TPL] S.O. 3150 (E).— In exercise of the powers conferred by section 295 read with sub-section (2) of section 270AA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes… Read More »

Penalty for under reporting & misreporting of income: sec 270A

Penalty for under reporting and misreporting of income Section 98 of Finance Act 2016 has inserted New section 270A in Income Tax Act 1961 Brief of Penalty for under reporting and misreporting of income The Assessing Officer or the Commissioner (Appeals) or the Principal Commissioner or Commissioner (‘specified authority’) are empowered to order payment of penalty… Read More »