Voluntary disclosure threshold increased; prepayment and proof required before settlement application, with single year tax recalculation. Amendments to section 245C require that no application to the Settlement Commission be made unless the additional tax disclosed exceeds a threshold and the tax plus interest that would have been due had the income been declared earlier is paid with proof attached; they substitute a two part rule for calculating tax where disclosed income relates to only one previous year depending on whether a return was filed; omit certain cross references; delete a clause in sub section (1C); and require intimation to the Assessing Officer when the application is made.
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Voluntary disclosure threshold increased; prepayment and proof required before settlement application, with single year tax recalculation.
Amendments to section 245C require that no application to the Settlement Commission be made unless the additional tax disclosed exceeds a threshold and the tax plus interest that would have been due had the income been declared earlier is paid with proof attached; they substitute a two part rule for calculating tax where disclosed income relates to only one previous year depending on whether a return was filed; omit certain cross references; delete a clause in sub section (1C); and require intimation to the Assessing Officer when the application is made.
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