Clause 199 - Declaration of tax payable - Finance Bill, 2016

Declaration of tax payable 199. Subject to the provisions of this Scheme, where a declarant files, on or after the 1st day of June, 2016 but on or before a date to be notified by the Central Government in the Official Gazette, a declaration to the designated authority in accordance with the provisions of section 200 in respect of tax arrear, or specified tax, then, notwithstanding anything contained in the Income-tax Act or the Wealth-tax Act or any other provision of any law for the time being in force, the amount payable under this Scheme by the declarant shall be as under, namely: (I) in case of pending appeal related to tax arrear being (a) tax and interest,- (i) in a case where the disputed tax does not exceed ten lakh rupees, the whole of the disputed tax and the interest on disputed tax till the date of assessment or reassessment, as the case may be; or (ii) in any other case, the whole of disputed tax, twenty-five per cent. of the minimum penalty leviable and the interest on disputed tax till the date of assessment or reassessment, as the case may be; (b) penalty, twenty-five per cent. of the minimum penalty leviable and the tax and interest payable on the total income finally determined. (II) in case of specified tax, the amount of such tax so determined.