ZEE Business
ZEE BUSINESS
Live TV
Live TV
  • India
    • Economy
    • Politics
    • Markets
  • World
    • Economy
    • Politics
    • Markets
  • Companies
    • Auto
    • Banking & Financial Services
    • Pharma
    • Energy
    • Infrastructure
    • Media
    • IT
    • Telecom
    • Consumer Products
    • Aviation
    • FMCG
  • Market
    • Mutual Funds
    • Commodity
  • Personal Finance
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
  • Technology
  • Automobile
    • Cars
    • Bikes
  • Small Business
    • SME
    • Startups
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
    • AUTHORS
Home » India News

Declare undisclosed income by March 31: Finance Ministry

The declarations made under the Scheme will not be admissible as evidence under any Act.

  • Twitter
  • Facebook
  • GPlus
Declare undisclosed income by March 31: Finance Ministry
On November 29, the Lok Sabha had passed by a voice vote a bill to amend the income tax laws. Photo: Pixabay
By ZeeBiz WebTeam
Updated: Fri, Dec 16, 2016
06:12 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
No tax on jewellery purchased out of disclosed income under new Bill, FinMin clarifies No tax on jewellery purchased out of disclosed income under new Bill, FinMin clarifies

Ministry of Finance on Friday announced that the recently introduced Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (the Scheme) will commence on December 17, 2016 and will remain open for declarations up to March 31, 2017. 

On November 29, the Lok Sabha had passed by a voice vote a bill to amend the income tax laws to facilitate levy of 60% tax on undisclosed income or investment or cash credit deposited in banks after the November 8 demonetisation.

Finance Minister Arun Jaitley, while moving the bill for consideration and passing, called it one of the steps by the Centre to curb black money.

In a notification released today, the Ministry said that the declaration made under the Scheme can be made by any person in respect of undisclosed income in the form of cash or deposits in an account with bank or post office or specified entity.

As per the Scheme, tax @30% of the undisclosed income, surcharge @33% of tax and penalty @10% of such income is payable besides mandatory deposit of 25% of the undisclosed income in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. The deposits are interest free and have a lock-in period of four years.

Moreover, the income declared under the Scheme will not be included in the total income of the declarant under the Income-tax Act for any assessment year, the Ministry notified.

The declarations made under the Scheme will not be admissible as evidence under any Act (eg. Central Excise Act, Wealth-tax Act, Companies Act etc.).

Non declaration of undisclosed cash or deposit in accounts under the Scheme will render such undisclosed income liable to tax, surcharge and cess totaling to 77.25% of such income, if declared in the return of income. 

"In case the same is not shown in the return of income a further penalty @10% of tax shall also be levied followed by prosecution. It may be noted that the provisions for levy of penalty for misreporting of income @200% of tax payable under section 270A of the Income-tax Act have not been amended and shall continue to apply with respect to cases falling under the said section".

The Taxation Laws (Second Amendment) Act, 2016 has also amended the penalty provisions in respect of search and seizure cases. The existing slab for penalty of 10%, 20% & 60% of income levied under section 271AAB has been rationalised to 30% of income, if the income is admitted and taxes are paid. Otherwise a penalty @60% of income shall be levied.

TAGS:
Taxation Laws (Second Amendment) BillMinistry of FinanceLok SabhaPradhan Mantri Garib Kalyan Yojana 2016Arun JaitleyEconomy
Next Article

NEXT STORY: Digital economy remains a 'no-show' as transactions fails to gain momentum

RELATED NEWS
No tax on jewellery purchased out of disclosed income under new Bill, FinMin clarifies No tax on jewellery purchased out of disclosed income under new Bill, FinMin clarifies

LATEST NEWS

Launches of new homes in India decline by 60%; Mumbai worst hit, here’s why

Watch: Here’s how 3 passengers of Air India were injured due to turbulence

‘October’ starring Varun Dhawan clocks Rs 31.60 crore box office collection in two weeks

Mahindra Electric, Meru tie up to deploy EV cabs in Hyderabad

2 held for duping people on pretext of bitcoin mining, trading

Samsung eyes 40% share of Indian microwave market in 2018

Airtel data plan: The company revises Rs 549 and Rs 799 Prepaid Plans; check here benefits

Employees Pension Scheme: Labour Ministry to assess long-term viability of the plan

7th Pay Commission: Will 2019 general election bring good news to govt employees’ minimum pay, fitment factor issue

Party gave Yashwant Sinha a lot but he acted like a Congress leader: BJP

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Contact Us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • Amazon Prime Day
  • Income Tax
  • Bharti Airtel
  • NPA
  • Home Loan

Trending Topics

  • Farm Loans
  • 7th Pay Commission
  • Sanitary Pads
  • National Stock Exchange
  • GST

Follow us on

zeebiz
zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved