https://www.taxtmi.com/news?id=17093 The Act creates a reinforced regime for undisclosed income: such income identified under evidentiary provisions is subject to a specific high rate of tax with residual tax on remaining income; enhanced Assessing Officer penalties apply with differentiated rates depending on admission and substantiation; an additional penalty based on tax payable may be imposed; and advance tax for such income attracts an increased surcharge. It also establishes a time limited voluntary declaration scheme requiring upfront payment of tax, a welfare surcharge, a penalty, and a locked non interest deposit, while excluding specified persons and offenses and prescribing procedural safeguards. en-us Fri, 16 Dec 2016 13:15:24 +0530 Sun, 25 Dec 2016 19:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=17093 The Act creates a reinforced regime for undisclosed income: such income identified under evidentiary provisions is subject to a specific high rate of tax with residual tax on remaining income; enhanced Assessing Officer penalties apply with differentiated rates depending on admission and substantiation; an additional penalty based on tax payable may be imposed; and advance tax for such income attracts an increased surcharge. It also establishes a time limited voluntary declaration scheme requiring upfront payment of tax, a welfare surcharge, a penalty, and a locked non interest deposit, while excluding specified persons and offenses and prescribing procedural safeguards. News - Fri, 16 Dec 2016 13:15:24 +0530 https://www.taxtmi.com/news?id=17093