Enhanced taxation under section 115BBE applies to surrendered excess stock and cash where the amended provision was already operative.

Enhanced taxation under section 115BBE applies to surrendered excess stock and cash where the amended provision was already operative. https://www.taxtmi.com/highlights?id=103849 The enhanced tax rate under section 115BBE, operative from 1 April 2017, applies prospectively and therefore covers surrendered income from excess stock and cash for Assessment Year 2019-20. As the amended provision was already in force for that year, surrendered income was taxable at the enhanced rate. Rectification under section 154 to correct the tax computation was sustained. en-us Thu, 17 Sep 2026 07:52:26 +0530 Thu, 17 Sep 2026 07:52:28 +0530 TaxTMI RSS Generator Enhanced taxation under section 115BBE applies to surrendered excess stock and cash where the amended provision was already operative. https://www.taxtmi.com/highlights?id=103849 The enhanced tax rate under section 115BBE, operative from 1 April 2017, applies prospectively and therefore covers surrendered income from excess stock and cash for Assessment Year 2019-20. As the amended provision was already in force for that year, surrendered income was taxable at the enhanced rate. Rectification under section 154 to correct the tax computation was sustained. Highlights Income Tax Thu, 17 Sep 2026 07:52:26 +0530 https://www.taxtmi.com/highlights?id=103849