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This penalty is charged if a person has wrongly claimed the benefit of Composition Scheme

He will be liable to pay

Tax Payable Under Normal Schem

+

Penalty equal to Amount of Such tax

Davneet Singh's photo - Teacher, Engineer, Marketer

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Davneet Singh

Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.