New ITR rules: 200% penalty, prosecution for inaccurate or misleading returns
The Income Tax Department has introduced stricter rules for filing income tax returns (ITRs), targeting individuals and businesses who misreport income or claim false deductions. Under the new regulations, taxpayers found guilty of providing misleading information could face penalties of up to 200% of the tax due, 24% annual interest, and even prosecution under Section 276C of the Income Tax Act. | Source: Business Today
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