This blog post warns taxpayers about the updated ITR regulations, highlighting the drastic consequences of under-reporting or misreporting income, including a 200% penalty and potential criminal prosecution. It explains why the Income Tax Department is increasing scrutiny through data analytics and detailed ITR forms, and provides essential steps for taxpayers to ensure compliance and avoid severe financial and legal repercussions.

Section 270A of the Income Tax Act imposes penalties on taxpayers who under-report or misreport their income. This blog post provides a detailed explanation of the provisions of Section 270A, including the definition of under-reported income, the instances of under-reporting, and the calculation of the penalty. It also discusses the consequences of non-compliance and provides tips for avoiding penalties.