Income Tax: If you are a taxpayer then this news is useful for you. Actually, let us tell you that any wrong attempt to hide or save tax can cause big problems for you… Let us tell you that you will have to pay 200 percent penalty for this mistake.
If you also pay tax, then this news is useful for you. Let us tell you that any wrong attempt to hide or save tax can cause big problems for you. The Income Tax Department has already given a warning regarding this. If any person is found doing any such work.
So the IT department will charge a fine from him. In case of tax evasion, penalty can be imposed on the total amount saved from tax. Many times, if a taxpayer tries to reduce the tax liability by under-reporting or misreporting the income, then the taxpayer will be held liable for penalty on the basis of Section 270A.
Know that under the Income Tax Act, there is a penalty provision for every default made by the taxpayer. Apart from penalties for non-payment of self-assessment tax, default in filing return of income, default in payment of tax and others, the Income Tax Department also imposes penalties for underreporting and misreporting of income.
The department takes strict action-
According to the IT department, a penalty ranging from 50 to 200 percent can be imposed on the total amount stolen from tax. According to Section 270A, if wrong information is given in the income tax return, a penalty of 200 percent of the tax liability or hidden amount can be imposed. However, if the separate income is understated due to some other reason, then there will be a penalty of 50 percent on the liability or hidden amount. Not only this, the department has said that the employers of such taxpayers will also be informed that the person working for them has filed wrong income tax return.
All these things are included in the case of misrepresentation of income-
- giving or concealing false information
- Failure to provide accurate investment records
- Exaggerated deduction but could not provide proof
- Any false entry in the account book
- Hiding records of any international or specific transaction