Under-reported income attracts a penalty of what share of tax under section 270A?
A50 percent
B100 percent
C200 percent
D300 percent
Answer & Solution
Correct answer: A. 50 percent
Section 270A penalises under-reporting at 50 percent and misreporting at 200 percent of the tax.
Keep practising Taxation of Companies
Browse all Taxation of Companies questions for CA Final, or explore more Taxation topics.
Related questions
Which section imposes a late fee for delay in filing the return?A defective return must be rectified within how many days of notification?A revised return to correct an omission is filed under which section?Which section governs a belated income-tax return?Cumulatively, what share of advance tax must be paid by 15 December?What is the rate of health and education cess levied on the tax of a company in India?Income tax is generally computed as tax rate multiplied by what?Which body administers the Income Tax Department in India?