False amp; Omitted entry – Penalty, fine/imprisonment under Income Tax Act, GST Law, Company law amp; reporting under CARO 2020.

Insertion of section 271AAD in Direct tax budget 2020 regarding penalty for false or omission of entry has created an atmosphere of tax fear, as it imposes heavy penalty equal to bill amount inclusive of tax which was never in Indian direct tax history. This Penalty is in addition to the existing penalty under the income tax act, even under GST law the penal provisions regarding false entry amp; omission of entry have been amended in consensus with section 271AAD. The Finance Act 2020 states that iInsertion of section 271AAD in Direct tax budget 2020 regarding penalty for false or omission of entry has created an atmosphere of tax fear, as it imposes heavy penalty equal to bill amount inclusive of tax which was never in Indian direct tax history. This Penalty is in addition to the existing penalty under the income tax act, even under GST law the penal provisions regarding false entry amp; omission of entry have been amended in consensus with section 271AAD. The Finance Act 2020 states that itaxmann.com Latest ArticlesRead More

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