Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Enhanced tax rate under section 115BBE, increased from 30% to...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrendered cash.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Enhanced tax rate under section 115BBE, increased from 30% to 60% by the Taxation Laws (Second Amendment) Act, 2016, applies prospectively from 1 April 2017 where no retrospective operation is expressly provided. For unexplained income falling within section 69A in Financial Year 2016-17, tax is therefore computed at the pre-amendment rate, subject to applicable surcharge and cess. Cash deposited subsequently may be telescoped against cash surrendered during survey only after verifying that the surrendered cash and available cash balance existed on the deposit date and had not been used in the interim. No separate addition survives to the verified extent of such source availability.
Enhanced tax rate under section 115BBE, increased from 30% to 60% by the Taxation Laws (Second Amendment) Act, 2016, applies prospectively from 1 April 2017 where no retrospective operation is expressly provided. For unexplained income falling within section 69A in Financial Year 2016-17, tax is therefore computed at the pre-amendment rate, subject to applicable surcharge and cess. Cash deposited subsequently may be telescoped against cash surrendered during survey only after verifying that the surrendered cash and available cash balance existed on the deposit date and had not been used in the interim. No separate addition survives to the verified extent of such source availability.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
