Income Declaration Scheme, 2016 – Effective Rate of Tax?

The Government has introduced a scheme “Income Declaration Scheme, 2016” which has come into force from 1st June, 2016. The scheme provides an opportunity to persons who have not paid due taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all to 45% of…

Introduction 1. Finance Act, 2013 has inserted Explanation 2 to section 132B which reads as under:-“For the removal of doubts, it is thereby declared that the ‘existing liability’ does not include advance tax payable in accordance with the provision of Part C of Chapter XVII”.Section 132B of the Income-tax Act prescribes the provisions regarding the application of seized assets,…

Recently, reversing the decision of the Special Bench of the ITAT in the case of Topman Exports v. ITO [2010] 124 ITD 1 (Mum.), the Bombay High Court in the case of CIT v. Kalpataru Colours & Chemicals [2010] 192 Taxman 435 denied the deduction under section 80HHC regarding consideration on transfer of DEPB giving rise to a controversy regarding allowability of deduction under section…