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THE TAXATION LAWS (SECOND AMENDMENT) ACT 2016

News and Press Release - Dated:- 16-12-2016 - MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, Thursday, 15th December, 2016/Agrahayana 24, 1938 (Saka) The following Act of Parliament received the assent of the President on the 15th December, 2016, and is hereby published for general information:- (NO. 48 OF 2016) [15th December, 2016.] An Act further to amend the Income-tax Act, 1961 and the Finance Act, 2016. BE it enacted by Parliament in the Sixty-seventh Year of the Republic .....

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assessee,- (a) includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D and reflected in the return of income furnished under section 139; or (b) determined by the Assessing Officer includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, if such income is not covered under clause (a), the income-tax payable shall be the aggregate of- (i) the amount of income-tax calculated on the inco .....

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Amendment) Bill, 2016 receives the assent of the President shall be inserted; (II) after sub-section (1), the following sub-section shall be inserted, namely:- (1A) The Assessing Officer may, notwithstanding anything contained in any other provisions of this Act, direct that, in a case where search has been initiated under section 132 on or after the date on which the Taxation Laws (Second Amendment) Bill, 2016 receives the assent of the President, the assessee shall pay by way of penalty, in ad .....

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rest, 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 sixty per cent. of the undisclosed income of the specified previous year, if it is not covered under the provisions of clause (a). ; (III) in sub-section (2), after the words, brackets and figure in sub-section (1) , the words, brackets, figure and letter or sub-section (1A) shall be inserted. Inser .....

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D for any previous year, the assessee shall pay by way of penalty, in addition to tax payable under section 115BBE, a sum computed at the rate of ten per cent. of the tax payable under clause (i) of sub-section (1) of section 115BBE: Provided that no penalty shall be levied in respect of income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D to the extent such income has been included by the assessee in the return of income furnished under section 139 .....

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ance Act, 2016 (28 of 2016),- (a) in Chapter II, in section 2, in sub-section (9),- (i) in the third proviso, the figures and letters 115BBE, shall be omitted; (ii) after the sixth proviso, the following proviso shall be inserted, namely:- Provided also that in respect of any income chargeable to tax under clause (i) of sub-section (1) of section 115BBE of the Income-tax Act, the advance tax computed under the first proviso shall be increased by a surcharge, for the purposes of the Union, calcul .....

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fficial Gazette, appoint. Definitions. 199B. In this Scheme, unless the context otherwise requires,- (a) declarant means a person making the declaration under sub-section (1) of section 199C; (b) Income-tax Act means the Income-tax Act, 1961 (43 of 1961); (c) Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 (hereinafter in this Chapter referred to as the Deposit Scheme ) means a scheme notified by the Central Government in consultation with the Reserve Bank of India in the Official Gazette; and .....

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account maintained by the person with a specified entity, chargeable to tax under the Income-tax Act for any assessment year commencing on or before the 1st day of April, 2017. (2) No deduction in respect of any expenditure or allowance or set-off of any loss shall be allowed against the income in respect of which a declaration under sub-section (1) is made. Explanation.- For the purposes of this section, specified entity shall mean- (i) the Reserve Bank of India; (ii) any banking company or co- .....

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on 199C within the time specified therein shall be chargeable to tax at the rate of thirty per cent. of the undisclosed income. (2) The amount of tax chargeable under sub-section (1) shall be increased by a surcharge, for the purposes of the Union, to be called the Pradhan Mantri Garib Kalyan Cess calculated at the rate of thirty-three per cent. of such tax so as to fulfil the commitment of the Government for the welfare of the economically weaker sections of the society. Penalty. 199E. Notwiths .....

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on 199C, shall deposit an amount which shall not be less than twenty-five per cent. of the undisclosed income in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. (2) The deposit shall bear no interest and the amount deposited shall be allowed to be withdrawn after four years from the date of deposit and shall also fulfil such other conditions as may be specified in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. Manner of declaration. 199G. A declaration under sub-section (1) of secti .....

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before filing of declaration under sub-section (1) of section 199C. (2) The amount referred to in sub-section (1) of section 199F shall be deposited before the filing of declaration under sub-section (1) of section 199C. (3) The declaration under sub-section (1) of section 199C shall be accompanied by the proof of deposit referred to in sub-section (1) of section 199F, payment of tax, surcharge and penalty under section 199D and section 199E, respectively. Undisclosed income declared not to be i .....

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sment or reassessment made under the Income-tax Act or the Wealth-tax Act, 1957, or to claim any set-off or relief in any appeal, reference or other proceeding in relation to any such assessment or reassessment. Tax, etc., not refundable. 199K. Any amount of tax and surcharge paid under section 199D or penalty paid under section 199E shall not be refundable. Declaration not admissible in evidence against declarant. 199L. Nothwithstanding anything contained in any other law for the time being in .....

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er section 199E or without depositing the amount in the Deposit Scheme as per the provisions of section 199F, such declaration shall be void and shall be deemed never to have been made under this Scheme. Applicability of certain provisions of Income-tax Act. 199N. The provisions of Chapter XV of the Income-tax Act relating to liability in special cases and of section 119, section 138 and section 189 of that Act shall, so far as may be, apply in relation to proceedings under this Scheme as they a .....

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oked on the report of the Advisory Board under section 8 of the said Act or before the receipt of the report of the Advisory Board; or (ii) such order of detention, being an order to which the provisions of section 9 of the said Act apply, has not been revoked before the expiry of the time for, or on the basis of, the review under sub-section (3) of section 9, or on the report of the Advisory Board under section 8, read with sub-section (2) of section 9, of the said Act; or (iii) such order of d .....

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der Chapter IX or Chapter XVII of the Indian Penal Code, the Narcotic Drugs and Psychotropic Substances Act, 1985 (61 of 1985), the Unlawful Activities (Prevention) Act, 1967(37 of 1967), the Prevention of Corruption Act, 1988 (49 of 1988), the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988)and the Prevention of Money-Laundering Act, 2002 (15 of 2003); (c) to any person notified under section 3 of the Special Court (Trial of Offences Relating to Transactions in Securities) Act .....

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