The last date for filing your income tax returns for the financial year 2016-17 is just a few days away: 31 July 2017. While filing your return, you are supposed to disclose all your incomes under all the income tax heads, irrespective of the amount of income or whether the income is considered tax-exempt or taxable. You may have to pay penalties if you under-report or misreport your income while filing your income tax returns. Let’s read about what is considered under-reporting or misreporting of income and how much penalties they attract. Rate of penaltyUnder section 270A, under-reporting of income can attract a penalty of up to 50% of the tax payable on under-reported income.

Source: Mint July 16, 2017 23:15 UTC