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Section 271AAC

Section 271AAC of the Income Tax Act pertains to the penalty for under-reporting and misreporting of income. It imposes a penalty on taxpayers who have deliberately under-reported or misreported their income to evade tax liabilities. The section specifies the amount of penalty and provides guidelines on the imposition and calculation of the penalty. Understanding Section 271AAC is crucial for taxpayers to accurately report their income and comply with tax regulations to avoid penalties and legal consequences. This description provides an overview of Section 271AAC and its implications for under-reporting and misreporting of income under the Income Tax Act.

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CIT(A) given power to levy section 271AAB, 271AAC & 271AAD penalty

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February 2, 2022 6432 Views 0 comment Print

Section 271AAC Penalty in respect of certain specified income

Income Tax : Understand the penalty provisions of Section 271AAC of the Income Tax Act. Learn about the consequences of income determined under...

January 31, 2020 201951 Views 2 comments Print


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Section 271AAC Penalty not applicable if tax under section 115BBE is nil

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ITAT Hyderabad in case of Shri Vijay Kumar Reddy Vs ACIT held that section 271AAC penalty not applicable if tax under section 115BBE of Income Tax Act is nil

CIT(A) given power to levy section 271AAB, 271AAC & 271AAD penalty

February 2, 2022 6432 Views 0 comment Print

It is proposed to amend the sections 271AAB, 271AAC and 271AAD by enabling the Commissioner (Appeals) to levy penalty under these sections to the along with Assessing Officer.

Section 271AAC Penalty in respect of certain specified income

January 31, 2020 201951 Views 2 comments Print

Understand the penalty provisions of Section 271AAC of the Income Tax Act. Learn about the consequences of income determined under specific sections.

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