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An optional scheme for Levy of Tax and Penalty on Amount Deposited in the Bank Account which was undisclosed / unexplained

Income Tax - By: - CA Surender Gupta - Dated:- 28-11-2016 Last Replied Date:- 30-12-1899 - The Finance Minister has introduced in the Loksabha THE TAXATION LAWS (SECOND AMENDMENT) BILL, 2016 as on 28-11-2016 to plug these loopholes as early as possib .....

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stringent penalty provision. Accordingly various options / circumstances are emerging and it is for the assessee to choose the one which he thinks better for him, or may wait for the worst to come, if any, in the future. Here we are discussion, a ne .....

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iability The amount of Tax and penalty shall be: 30% as tax of Declared income 33% as Surcharge of the tax on the Declared income as above 10% as penalty of Declared income Thus, total amount payable is around 50% of the Declared income Tax, Surcharg .....

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the above deposit will be 4 years. Such scheme shall carry no Interest The amount can be withdrawn from the scheme after 4 years subject to such conditions as may be specified. Declaration shall be Void Any wrong declaration shall be void Where asses .....

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or allowances shall be deducted from the income so declared The following provision of Income Tax Act, 1961 shall be applicable: Chapter XV - Liability in Special Cases section 119 - Instructions to subordinate authorities section 138 - Disclosure o .....

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