The Budget 2016 continues its stance against Black Money , and is replete with new schemes, or updated older schemes to bring into the system, funds that have been siphoned away without being taxed. In this vein, there are some interesting comments in the Budget. Income Declaration Scheme, 2016 Under this scheme, any funds that are declared from June 01, 2016 will be levied a base tax of 30%, along with additional surcharge of 7.5% (the proceeds of which go towards the Krishi Kalyan scheme), and another 7.5% as penalty. There are certain circumstances under which this ‘Amnesty’ will not be considered: Where notices have been issued under section 142(1) or 143(2) or 148 or 153A or 153C; Where a search or survey has been conducted and the time for issuance of notice under the relevant provisions of the Act has not expired; Where information is received under an agreement with foreign countries regarding such income; Cases covered under the Black Money Act, 2015; Persons notified under Special Court Act, 1992; Cases covered under Indian Penal Code, the Narcotic Drugs and Psychotropic Substances Act, 1985, the Unlawful Activities (Prevention) Act, 1967, the Prevention of Corruption Act, 1988. … (Read On…)
[via Capital Mind]
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