Penalty for Concealment of Income

Tax Glossary Definition

Penalty for Concealment of Income

A monetary penalty levied under Section 270A of the Income Tax Act on taxpayers who deliberately conceal income or furnish inaccurate particulars, in addition to tax liability.


Example: Concealing ₹2 lakh of income can attract a penalty of 50%, i.e., ₹1 lakh.

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