What is under-reporting of income?
Subject
FAQs on Penalty provision under IT Act
etds-answer
| Cases | Income assessed under normal Provisions | Income assessed under MAT/AMT Provisions |
| Return of Income is filed | Income assessed is greater than the income determined in the return processed u/s 143(1)(a) | The deemed total income assessed or reassessed as per the provisions of section 115JB/115JC, is greater than the deemed total income determined in the return processed under section 143(1)(a) |
| No Return of Income is filed or return is filed for the first time under section 148 | The income assessed is greater than the maximum exemption limit | The deemed total income assessed as per the provisions of section 115JB/115JC, is greater than the maximum exemption limit. |
| Case of Reassessment | The income reassessed is greater than the income assessed or reassessed immediately before such reassessment | The deemed total income reassessed as per the provisions of section 115JB/115JC, is greater than the deemed total income assessed or reassessed immediately before such reassessment. |
| Loss Assessed | The income assessed or reassessed has the effect of reducing the loss or converting such loss into income | The income assessed or reassessed has the effect of reducing the loss or converting such loss into income. |