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What are the penal consequences for under-reporting or misreporting of income in business?

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Ramesh Ramesh
Answered on February 13,2020

The penal consequences for non-compliance with Indian transfer pricing regulations are as follows in case of under-reporting or misreporting of income:

  1. A sum equal to 50% of the amount of tax payable on under-reported income
  2. A sum equal to 200% of the amount of tax payable on under-reported income where under-reported income is in consequence of any misreporting
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