Circular No. 10/2024 — Penalty for underreporting — guidelines under 270A
Date: 2024-01-01 Status: ACTIVE Category: Penalties Binding on Department: Yes (Section 119 / Section 400 IT Act 2025)
Summary
Guidelines for penalty under section 270A. Distinguishes between underreporting (50%) and misreporting (200%).
Key Directions
- Underreporting attracts penalty at 50% of tax payable on underreported income.
- Misreporting attracts penalty at 200%.
- Immunity available under section 270AA on payment of tax and interest.
- Misreporting requires specific finding on prescribed grounds.
Applicability Under IT Act 2025
Saving Clause: Section 536 of IT Act 2025 saves circulars issued under the 1961 Act “so far as not inconsistent” with the new Act.
| Old Section (1961 Act) | New Section (2025 Act) | Consistent? |
|---|---|---|
| 270A | 345 | Yes |
Cross-References
Act Sections
Related Circulars
- None identified
Key Case Law (Circular Supremacy)
- To be populated — cases where this circular was cited/applied
Full Text
Full text to be added — see raw/circulars/ for PDF when available
Source
- Official: incometaxindia.gov.in/circulars