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Income-Tax & CTP Q4

4What is the rate of penalty for underreporting of income under Section 270A?
  • Option : D
  • Explanation : The rate of penalty shall be fifty per cent of the tax payable on under-reported income. However, in a case where under-reporting of income results from misreporting of income, the taxpayer shall be liable for penalty at the rate of two hundred per cent of the tax payable on such misreported income.
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