https://www.taxtmi.com/news?id=16971 The Bill substitutes section 115BBE to tax income falling under sections 68-69D at a high rate with remaining tax computed on reduced total income; strengthens search-related penalty section 271AAB by adding 30% and 60% penalty bands depending on admission and compliance; inserts section 271AAC imposing a 10% penalty on tax computed under clause (i) of section 115BBE for determined unexplained incomes (with limited exceptions); and establishes PMGKY allowing voluntary declarations with 30% tax, 33% cess, 10% penalty and a 25% deposit into a non interest deposit scheme, subject to exclusions and procedural conditions. en-us Mon, 28 Nov 2016 16:16:41 +0530 Wed, 11 Feb 2026 15:56:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16971 The Bill substitutes section 115BBE to tax income falling under sections 68-69D at a high rate with remaining tax computed on reduced total income; strengthens search-related penalty section 271AAB by adding 30% and 60% penalty bands depending on admission and compliance; inserts section 271AAC imposing a 10% penalty on tax computed under clause (i) of section 115BBE for determined unexplained incomes (with limited exceptions); and establishes PMGKY allowing voluntary declarations with 30% tax, 33% cess, 10% penalty and a 25% deposit into a non interest deposit scheme, subject to exclusions and procedural conditions. News - Mon, 28 Nov 2016 16:16:41 +0530 https://www.taxtmi.com/news?id=16971