Story thread · 3 reports / 2 sources

Your tax consultant made a mistake in your ITR. Can you still be penalised? ITAT Chennai ruling explains

businesstoday.in · 11dShare

An Income Tax Appellate Tribunal (ITAT), Chennai ruling has brought relief to taxpayers who face penalties because of genuine mistakes made by their tax consultants. The tribunal deleted a Rs 1.92 lakh penalty imposed on an 81-year-old taxpayer, holding that a bona fide professional error does not amount to "misreporting of income."

First report: No tax needs to be paid on Rs 14 lakh salary: ITAT — economictimes.indiatimes.com, 14d