Reduce penalties News
DTC lightens evasion penalties
While the tax burden for an average taxpayer will lighten marginally, for tax evaders the Direct Taxes Code (DTC) proposes to reduce penalties substantially. The DTC Bill, tabled in Parliament on Monday, proposes that anyone under-reporting their tax base would have to pay a maximum penalty of two times the tax sought to be evaded. Under the Income-Tax Act, 1961, currently in force, the fine for concealing
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