What are the penal consequences for under-reporting or misreporting of income in business?






Ramesh Ramesh
Answered on February 13,2020

The penal consequences for non-compliance with Indian transfer pricing regulations are as follows in case of under-reporting or misreporting of income:

  1. A sum equal to 50% of the amount of tax payable on under-reported income
  2. A sum equal to 200% of the amount of tax payable on under-reported income where under-reported income is in consequence of any misreporting

tesz.in
Hey , can you help?
Answer this question

Guide

How to set up a business in India from scratch?

Setting up a Business in India involves the following steps Choosing the type of business Business Registration Process Central and State level Approvals / Compliances Wi..
  Click here to get a detailed guide