Rationalisation of the provisions of section 115BBE

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..... Rationalisation of the provisions of section 115BBE
Budget
Dated:- 5-2-2018

Rationalisation of the provisions of section 115BBE Section 115BBE provides for tax on income referred to in .....

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..... section 68 or section 69 or section 69A or section 69B or section 69C or section 69D at a higher rate of sixty percent. Sub-section (2) of said section provides that no deduction in respect of any ex .....

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..... penditure or allowance or set-off of any loss shall be allowed to the assessee under any provision of the Act in computing his income referred to in clause (a) of sub-section (1). In order to rationa .....

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..... lize the provisions of section 115BBE, it is proposed to amend the said sub-section (2) so as to also include income referred to in clause (b) of sub-section (1). This amendment will take effect retr .....

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..... ospectively from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. [Clause 34]
News - Press release - PIB .....

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