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iti (ni)     06 January 2013

Do interest and penalty diiffer ?

in case of escaped income Of 1,80,000 as assessed by AO u/s 143 ,if interest @30 percent is levied making 1,50,000 ...is this interest called the penalty u/s 271 or penalty would be some other additional amount?



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 1 Replies

binay (advocate)     06 January 2013

interest as u say, but i think there will be some penalty imposed on the account, hence immeditly consult a tax consultant.

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