She declared Rs 43,796 income but omitted Rs 14.02 lakh interest from her ITR; tax officer imposed a 200% penalty of Rs 4.85 lakh, but ITAT cut it to Rs 1.21 lakh
The NRI woman declared an income of Rs 43,796 for the assessment year 2020-21. (Image for representative purpose only) You file your income tax return but end up under-reporting your income. But, the Income Tax Department treats it as mis-reporting of income and imposes a heavy penalty on you. What happens then?This is the case…