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Indian Laws - Highlights / Catch Notes

Home Highlights December 2016 Year 2016 This

Indian Tax System Overhaul: Higher Penalties on Undisclosed Income, New Scheme for Declaring Unaccounted Money Under 2016 Amendment Act


Indian Tax System Overhaul: Higher Penalties on Undisclosed Income, New Scheme for Declaring Unaccounted Money Under 2016 Amendment Act

December 16, 2016

News     Indian Laws

THE TAXATION LAWS (SECOND AMENDMENT) ACT, 2016

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  1. The key points are: Undisclosed income declared under the Income Declaration Scheme (IDS) 2016 does not change its character or nature merely due to non-payment of tax...

  2. Undisclosed income declared not to be included in total income - THE INCOME DECLARATION SCHEME, 2016 - The amount of undisclosed income declared in accordance with...

  3. Penalty order u/s 271AAB for treating an amount included in the Return of Income as 'undisclosed income' was found unjustified. The Commissioner of Income Tax (Appeals)...

  4. Undisclosed income declared not to affect finality of completed assessments - THE INCOME DECLARATION SCHEME, 2016 - A declarant under this Scheme shall not be entitled,...

  5. Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

  6. The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

  7. The Income Tax Appellate Tribunal held that the assessee's plea towards non-applicability of Section 271AAB of the Income Tax Act was devoid of rationale. The Tribunal...

  8. Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

  9. Higher rate of tax @60% u/s 115BBE - though the alleged surrendered income is a business income but since assessee being individual having no limitation of earning...

  10. Penalty u/s 271(1)(c) - the fact that the assessee and his son have declared the undisclosed income in their individual return of income and have paid taxes but capital...

  11. Penalty order u/s 271AAA - disclosure of additions income pursuant to search u/s 132 - In the present case the assessee has disclosed the entire source of income and...

  12. Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

  13. Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

  14. Penalty u/s 271AAB - treating an amount included in the Return of Income as undisclosed income susceptible to penalty - search conducted u/s 132, assessment carried out...

  15. Treatment to income Declared under IDS-2016 - undisclosed income U/s. 68 r.w.s 115BBE OR capital gains - Merely because the assessee failed to discharge the tax...

 

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