Finances of the British royal family are not subject to legislation concerning income tax, capital gains tax or inheritance tax. Furthermore, the Sovereign has no legal liability to pay such taxes. The Duchy of Cornwall has a Crown exemption and the Prince of Wales is not legally liable to pay income tax on Duchy revenues. A "Memorandum of Understanding on Royal Taxation" was published on 5 February 1993 and amended in 1996, 2009 and 2013. It is intended that the arrangements in the memorandum will be followed by the next monarch. The memorandum describes the arrangements by which The Queen and The Prince of Wales make
Income tax in India of such income. "In other words, u/s 271(1)(c), the penalty may range from 100 % to 300% of the amount of tax sought to be evaded." 2. Penalty u/s 270A for under reporting or misreporting of income :- The Assessing Officer or the Commissioner (Appeals) or the Principal Commissioner or Commissioner may direct any person to pay a penalty in addition to tax, if he has under-reported or misreported his income while filing his return. " In case of under reported income, the penalty shall be 50% of the amount of tax payable on under reported income." "Further, in case