Enhanced rate of tax @60% u/s 158BBE on Unexplained / ...

Case Laws Income Tax

January 14, 2021

Enhanced rate of tax @60% u/s 158BBE on Unexplained / Undisclosed income - prospective or retrospective - Section 115 BBE was inserted by Finance Act 2012 w.e.f 01.04.2013. As on 01.04.2016 the financial year in which the subject seizures occurred Section 155BBE provided for 30% tax on income refereed to in Sections 68, 69, 69A, 69B, 69C and 69D. The same was amended by the 2nd Amendment Act; w.e.f. 01.04.2017, enhancing the rate to 60%. Hence there was no new liability created and the rate of tax merely stood enhanced which is applicable to the assessments carried on in that year. The enhanced rate applies from the commencement of the assessment year, which relates to the previous financial year. - HC

View Source

← Previous Next →

Enhanced rate of tax @60% u/s 158BBE on Unexplained / ...

Case Laws Income Tax

January 14, 2021

You may also like:

Higher rate of tax @60% u/s 115BBE - though the alleged surrendered income is a business income but since assessee being individual having no limitation of earning...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Construction services for residential units less than 60 square meters attract 12% GST rate, reduced to 8% effective rate after deducting one-third value on account of...

Categorization of income - Undisclosed income surrendered during survey - Charging of tax rate u/s. 115BBE - CIT(A) granted relief to the assessee by charging income at...

Revision u/s 263 by CIT - addition were made u/s 69 and 69C - ld PCIT has stated that the AO has not applied the rate of tax as per section 115BBE, what he meant was...

Penalty order u/s 271AAB for treating an amount included in the Return of Income as 'undisclosed income' was found unjustified. The Commissioner of Income Tax (Appeals)...

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

Rectification of mistake u/s 154 - tax rate on surrendered income u/s 115BBE - the action of the Assessing officer in rectifying and increasing the rate of taxation from...

Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

Interest on delayed refund at notified rate of interest (6%) to the appellant - enhanced rate of interest - The Commissioner (Appeals) has relied on the decision of...

Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

Unexplained money u/s 69A read with Section 115BBE(1) - no explanation regarding source of cash deposit in savings account - case selected for limited scrutiny, thus...

The Income Tax Appellate Tribunal (ITAT) held that the assessee is entitled to the concessional tax rate of 10% on royalty income u/s 115BBF, as the assessee had...

Benefit of concessional rate of tax / GST - The benefit of reduced rate would be available to them only in the cases of supply effected after 25.01.2018 i.e. the date on...

Control of income-tax authorities - U/s 118 of the Income-tax Act, 1961 - the Transfer Pricing Officer - hierarchy - Seeks to amend Notification No. 60/2017 dated 3rd...

Quick Updates: