Some important provisions - relevant for the Income to be Declared after Demonetization

Income Tax Act, 1961

Section 68	:	Cash credits
Section 69	:	Unexplained investments
Section 69A	:	Unexplained money, etc.
Section 69B	:	Amount of investments, etc., not fully disclosed in books of account
Section 69C	:	Unexplained expenditure, etc.
Section 69D	:	Amount borrowed or repaid on hundi

 

Section 115BBE

:

Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D.

S. 2 of F.A, 2016

:

General Rates of Income-tax. - As prescribed in Finance Act, 2016

 

Section 270A	:	​​​​​​​Penalty for under-reporting and misreporting of income.
Section 270AA	:	Immunity from imposition of penalty, etc.
Section 271	:	Failure to furnish returns, comply with notices, concealment of income, etc
Section 271A	:	Failure to keep, maintain or retain books of account, documents, etc.
Section 271AA	:	Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions
Section 271AAA	:	Penalty where search has been initiated
Section 271AAB	:	Penalty where search has been initiated
Section 271AAC	:	Penalty in respect of certain income.

 

Section 273B	:	Penalty not to be imposed in certain cases - The provisions of this section are not application where the penalty is levied u/s 271AAB or 271AAC.
Section 274	:	Procedure
Section 275	:	Bar of limitation for imposing penalties

 

PRADHAN MANTRI GARIB KALYAN YOJANA

Ch. IXA	TAXATION AND INVESTMENT REGIME FOR PRADHAN MANTRI GARIB KALYAN YOJANA, 2016
	Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana Rules, 2016
	Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.

Benami Property

	Benami Transactions (Prohibition) Act, 1988
	Prohibition of Benami Property Transactions Rules, 2016.

Income Declaration Scheme: statutory tax and penalty framework for undisclosed income and voluntary deposit regularisation. The Income Declaration Scheme post demonetization is governed by provisions addressing cash credits, unexplained investments, unexplained money and expenditure, undisclosed amounts not in books, and a specific tax on such unexplained income, operating alongside general tax rates and penalty regimes for under reporting, misreporting, failure to maintain records, and search related penalties; the scheme also interfaces with Pradhan Mantri Garib Kalyan Yojana deposit and taxation rules and the benami transactions prohibition framework.