Unaccounted deposits to attract 50% tax, 4 yr lock-in period - ...

Unaccounted Deposits Face 50% Tax & 4-Year Lock-In; Non-Declaration Risks 90% Tax Plus Penalties.

November 26, 2016

News Indian Laws

Unaccounted deposits to attract 50% tax, 4 yr lock-in period - However, a higher 90 per cent tax and penalty could be imposed if assessees do not declare the unaccounted cash voluntarily.

View Source

← Previous Next →

Unaccounted deposits to attract 50% tax, 4 yr lock-in period - ...

Unaccounted Deposits Face 50% Tax & 4-Year Lock-In; Non-Declaration Risks 90% Tax Plus Penalties.

November 26, 2016

News Indian Laws

You may also like:

Interpretation of statute - calculation of amount of pre-deposit u/s 18 of the SARFAESI Act - 50% of which amount the borrower is required to deposit as pre-deposit -...

Appeal before CIT(A) - Non deposit of admitted tax/advance tax as provided u/s 249(4) - Payment of tax is mandatory but the requirement of paying such tax before filing...

The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

Classification - valid and admitted classification of Aerated Water, Beverages in Bag (BIB) under 2106 90 50 in terms of Supplementary Notes 4 of Chapter 21 of 1st...

Income Tax: Limit of remuneration to working partners in partnership firms allowed as deduction increased - on first Rs 6,00,000 of book profit or loss, Rs 3,00,000 or...

Imported goods classified under Customs Tariff Item (CTI) 8714 10 90 or 8714 91 00 - General Rules of Interpretation applied for classification - Goods rightly...

New utility introduced to standardize Voyage Call Number (VCN) format for NLP and non-NLP ports. VCN format: 4 digits port code, 4 digits year, 2 digits month, 4 digits...

Service tax recovery from foreign government agencies for statutory fees/licenses - Petitioner's declaration under SVLDRS rejected - HC held pre-deposit amount during...

Addition u/s 69A - cash deposits during demonetization period - business of hiring of cars - A reasonable amount of cash deposits during demonetization period is out of...

Additions u/s 41(1) - Cessation of liability - Freezer Deposit (security deposit) considered as lapsed liability u/s 41(1) - termination of agreement - The exercise is...

Nature of expenditure - revenue or capital expenditure - One-time lease rental charges paid to Greater Noida Industrial Development Authorities (GNIDA) for a period of...

SEBI introduced a special call auction mechanism for price discovery of listed Investment Companies (ICs) and Investment Holding Companies (IHCs) due to infrequent...

Stay of collection of disputed tax - Seeking deposit of 50% of the disputed tax by giving credit to the tax already deposited - it can be said that the initial...

The CBDT extended the due date for determining the amount payable under column (3) of the Table in section 90 of the Direct Tax Vivad Se Vishwas Scheme, 2024 from 31st...

Assessee claimed deduction u/s 54F for amount deposited in Capital Gain Account Scheme (CGAS) on transfer of capital asset. Unutilized amount withdrawn from CGAS account...

Quick Updates: