What is misreporting of income?

Ans. The following cases will be considered as misreporting of income:

1.  

a. ​Misrepresentation or suppression of facts;

b. Failure to record investments in the books of account;

c. Claim of expenditure not substantiated by any evidence;

d. Recording of any false entry in the books of account;

e. Failure to record any receipt in books of account having a bearing on total income; and

f. Failure to report any international transaction or any transaction deemed to be an international transaction or any specified domestic transaction, to which the provisions of Chapter X apply.​