MANAGEMENT

Detailed explanation-1: -As a normal rule, the income earned during any previous year is assessed or charged to tax in the immediately succeeding assessment year.

Detailed explanation-2: -The exceptions are as follows: Shipping business of non-residents [Section 172] Assessment of persons leaving India [Section 174] Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose [Section 174A]

Detailed explanation-3: -The penalty may range between Rs 10, 000 and Rs 1, 00, 000. As per Section 276C, if a taxpayer willfully attempts to evade tax or under-report income with the amount exceeding Rs 25 lakh, it invites imprisonment for a term of at least six months up to seven years along with a fine.

Detailed explanation-4: -Penalty Levied ₹ 5000 if ITR is reported before 31st December of the Assessment Year, ₹ 10, 000 if ITR is reported after 31st December but before 31st March of the Assessment Year. This is for those whose income is above ₹ 5 Lakh. For those with income below this, the penalty is ₹ 1000.