Income tax return errors do not automatically attract a 200% penalty. Under the Income-tax Act, 2025, under-reporting can attract a penalty of 50% of the tax payable on the under-reported income, while misreporting can attract 200%. Here’s how the rules, late-filing fees and interest work.
​Income tax return errors do not automatically attract a 200% penalty. Under the Income-tax Act, 2025, under-reporting can attract a penalty of 50% of the tax payable on the under-reported income, while misreporting can attract 200%. Here’s how the rules, late-filing fees and interest work. by Soban News (international And National News)
