Packing-material input credits support inverted-duty refunds for packaged tea, while rate-reduction and concessional-supply circulars remain inapplica...
Government road-restoration services for commercial pipeline work attract reverse-charge GST, while portal-issued proceedings remain valid without a p...
Section 115BBE's enhanced 60% rate, effective from 1 April 2017, operates prospectively and does not govern income surrendered during survey in Financial Year 2016-17. Tax liability for that year is determined under the law in force on 1 April 2016, when the provision prescribed a 30% rate. The later enhanced rate therefore cannot be imposed on the surrendered income; the declared income is taxable at the normal applicable rates. Application of the higher rate depends on transactions undertaken on or after 1 April 2017.
Section 115BBE's enhanced 60% rate, effective from 1 April 2017, operates prospectively and does not govern income surrendered during survey in Financial Year 2016-17. Tax liability for that year is determined under the law in force on 1 April 2016, when the provision prescribed a 30% rate. The later enhanced rate therefore cannot be imposed on the surrendered income; the declared income is taxable at the normal applicable rates. Application of the higher rate depends on transactions undertaken on or after 1 April 2017.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
