Search Results For: 68 to 69D

Penalty in respect of certain income

QUERY: As per section 270A in the case of misreporting of income the penalty leviable is 200% of the amount of tax payable. In case the income is assessed u/s. 68 to 69D, the tax payable is 60% of income. So now in this case what will be levy of penalty?
ANSWER: Click here to read the full answer of the expert

Section 115BBE provides for taxing income under sections 68 to 69D. The section prescribes a flat rate of 60% for all income brought to tax for lack of proof as to the source under sections 68 to 69D, plus surcharge @ 25% of the tax. This would mean that such income would be taxed on standalone basis, whose aggregate income including such income falling under the provisions falls below taxable limit.

Posted in Income-tax