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Income Tax - Frequently Asked Questions (FAQs) |
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FAQs on Penalty provision under IT Act |
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What is the amount of penalty levied under section 271AAE? |
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Ans. a. For the first violation: To the extent of income applied by the institution for the benefit of any interested person referred to in section 13(3); b. For any violation in subsequent years: Twice the amount of such income so applied. |
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