https://www.taxtmi.com/highlights?id=104775 Section 115BBE's enhanced 60% rate, effective from 1 April 2017, operates prospectively and does not govern income surrendered during survey in Financial Year 2016-17. Tax liability for that year is determined under the law in force on 1 April 2016, when the provision prescribed a 30% rate. The later enhanced rate therefore cannot be imposed on the surrendered income; the declared income is taxable at the normal applicable rates. Application of the higher rate depends on transactions undertaken on or after 1 April 2017. en-us Sat, 10 Oct 2026 08:32:32 +0530 Sat, 10 Oct 2026 08:32:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=104775 Section 115BBE's enhanced 60% rate, effective from 1 April 2017, operates prospectively and does not govern income surrendered during survey in Financial Year 2016-17. Tax liability for that year is determined under the law in force on 1 April 2016, when the provision prescribed a 30% rate. The later enhanced rate therefore cannot be imposed on the surrendered income; the declared income is taxable at the normal applicable rates. Application of the higher rate depends on transactions undertaken on or after 1 April 2017. Highlights Income Tax Sat, 10 Oct 2026 08:32:32 +0530 https://www.taxtmi.com/highlights?id=104775