Taxation Laws (Second Amendment) Act, 2016 came into force on 15th December, 2016 and rules notified and placed in public domain; The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 introduced under the said Act to commence from 17th December, 2016 and to remain open for declarations up to 31st March, 2017

Taxation Laws (Second Amendment) Act, 2016 came into force on 15th December, 2016 and rules notified and placed in public domain; The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 introduced under the said Act to commence from 17th December, 2016 and to remain open for declarations up to 31st March, 2017 https://www.taxtmi.com/news?id=17109 The Taxation Laws (Second Amendment) Act, 2016 introduced a voluntary disclosure regime permitting persons to declare undisclosed cash or deposits; declarations require payment of tax, a surcharge on that tax, a penalty on the undisclosed amount and a mandatory interest free deposit in a linked deposit scheme with a lock in. Declared income is excluded from total income and declarations are inadmissible as evidence under other civil statutes, while non declaration attracts higher taxation, additional penalties and potential prosecution. Search and seizure penalty provisions have been rationalised. en-us Sat, 17 Dec 2016 11:20:26 +0530 Sat, 17 Dec 2016 11:20:26 +0530 TaxTMI RSS Generator Taxation Laws (Second Amendment) Act, 2016 came into force on 15th December, 2016 and rules notified and placed in public domain; The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 introduced under the said Act to commence from 17th December, 2016 and to remain open for declarations up to 31st March, 2017 https://www.taxtmi.com/news?id=17109 The Taxation Laws (Second Amendment) Act, 2016 introduced a voluntary disclosure regime permitting persons to declare undisclosed cash or deposits; declarations require payment of tax, a surcharge on that tax, a penalty on the undisclosed amount and a mandatory interest free deposit in a linked deposit scheme with a lock in. Declared income is excluded from total income and declarations are inadmissible as evidence under other civil statutes, while non declaration attracts higher taxation, additional penalties and potential prosecution. Search and seizure penalty provisions have been rationalised. News - Sat, 17 Dec 2016 11:20:26 +0530 https://www.taxtmi.com/news?id=17109