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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 245C: New Clause Requires Additional Tax Over 10 Lakh for Specified Persons in Certain Cases.</h1> Section 245C of the Income-tax Act was amended by the Finance Act, 2011, effective June 1, 2011. The amendment introduces a new clause, (ia), specifying conditions for applicants related to a 'specified person' who has filed an application. It requires that the additional income tax payable on disclosed income exceed ten lakh rupees if assessment or reassessment proceedings have been initiated under sections 153A or 153B. An explanation defines 'applicant' in relation to a specified person and outlines criteria for substantial interest in a business or profession, including ownership or entitlement to at least 20% of voting power or profits.
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