Comprehending the scope of under-reporting and misreporting of income

The Finance Act, 2016 introduced section 270A applicable from the assessment year 2017-18 onwards and it is a disconnect / departure from section 271(1)(c) which was in vogue for more than 5 decades. Previously, the reasons such as concealment of income / furnishing inaccurate particulars of income were subjected to penal consequences.The Finance Act, 2016 introduced section 270A applicable from the assessment year 2017-18 onwards and it is a disconnect / departure from section 271(1)(c) which was in vogue for more than 5 decades. Previously, the reasons such as concealment of income / furnishing inaccurate particulars of income were subjected to penal consequences.taxmann.com Latest ArticlesRead More

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