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Section 271AAB - Penalty where search has been initiated - Income-tax Act, 1961Extract ..... ifies the manner in which such income has been derived; (ii) substantiates the manner in which the undisclosed income was derived; and (iii) on or before the specified date- (A) pays the tax, together with interest, if any, in respect of the undisclosed income; and (B) furnishes the return of income for the specified previous year declaring such undisclosed income therein; (b) a sum computed at the rate of twenty per cent of the undisclosed income of the specified previous year, if such assessee- (i) in the course of the search, in a statement under sub-section (4) of section 132, does not admit the undisclosed income; and (ii) on or before the specified date- (A) declares such income in the return of income furnished for the specified prev ..... x x x x x Extracts x x x x x Section 271AAB - Penalty where search has been initiated - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... nder the provisions of 4[section 270A or] clause (c) of sub-section (1) of section 271 shall be imposed upon the assessee in respect of the undisclosed income referred to in sub-section (1) 7[ or sub-section (1A)]. (3) The provisions of sections 274 and 275 shall, as far as may be, apply in relation to the penalty referred to in this section. Explanation.-For the purposes of this section,- (a) "specified date" means the due date of furnishing of return of income under sub-section (1) of section 139 or the date on which the period specified in the notice issued 10[under section 148 or under section 153A, as the case may be,] for furnishing of return of income expires, as the case may be; (b) "specified previous year" mean ..... x x x x x Extracts x x x x x Section 271AAB - Penalty where search has been initiated - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... 013. 3. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017, before it was read as, "which shall not be less than thirty per cent. but which shall not exceed ninety per cent." 4. Inserted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 5. Inserted vide THE TAXATION LAWS (SECOND AMENDMENT) ACT, 2016 w.e.f. December 16, 2016 i.e. 15-12-2016 6. Inserted vide THE TAXATION LAWS (SECOND AMENDMENT) ACT, 2016 w.e.f. December 16, 2016 7. Inserted vide THE TAXATION LAWS (SECOND AMENDMENT) ACT, 2016 w.e.f. December 16, 2016 8. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 9. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 10. Substituted vide Finance Act, 2022 w.e.f. 01-04-2021 before it was read as "unde ..... x x x x x Extracts x x x x x Section 271AAB - Penalty where search has been initiated - Income-tax Act, 1961 x x x x x Extracts x x x x x
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