2018
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Rs 20 lakh
|
|
|
Rs 5 lakh
|
|
|
Rs 15 lakh
|
|
|
Rs 10 lakh
|
Detailed explanation-1: -10 Lakh for Misleading the Court. Not even the IT Department could escape from the punishment this time. Read about how through a civil appeal, a misleading statement from the Income Tax Department officials was discovered by the Supreme Court of India.
Detailed explanation-2: -If undisclosed income is admitted during the course of Search and assessee pays tax and interest and files return, a penalty 30% of such undisclosed income is payable. In all other cases, penalty is leviable 60%
Detailed explanation-3: -Non-compliance to the income tax notice within the due time may result in a penalty of Rs. 10, 000, in addition to additional taxes. The Assessing may also order based on ‘Best Judgement’, whereby the assessment can be confirmed and finalized as the Assessing Officer deems fit.
Detailed explanation-4: -The Income Tax Act has introduced several penalties for individuals attempting to evade paying income taxes. The penalties for such acts are severe, ranging from 100% to 300% of the tax for undisclosed income. Hence financial experts recommend considering income tax compliance seriously.