Know what role does section 270 (A) of the IT act has to deal with penalty & ITR
People who have deposited an amount of Rs 10 Lakh or more in their bank accounts, which is not matching with their tax returns, are now supposed to pay the tax and also a penalty of 200% on the amount as mentioned in the IT Act.
But there is still some hope. Below we have discussed about the immunities available to save yourself from the penalties and prosecutions according to the provision laid out in the Income Tax Act. But if a person fully cooperates with Income Tax Department in the disclosure of last hidden incomes and gives all the evidences and information needed then AO (Assessing Officer) normally grants immunity as allowable under the IT Act. But the final call on whether to grant it or not depends on the concerned tax Authority.
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