Taxation laws Second Amendment Act 2016. New Chapter IX A-Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojna, 2016

Taxation laws Second Amendment Act 2016. New Chapter IX A-Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojna, 2016

The Taxation laws (Second Amendment) Act, 2016 (No. 48 of 2016) received assent of the President on the 15th December, 2016, and published in the Gazette of India

The following amendments have been made:

Income tax Act, 1961:

Amendment of section 115BBE
Amendment of section 271AAB
Insertion of new section 271AAC- Penalty in respect of income determined includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D

The Finance Act, 2016

Amendment of section 2

Insertion of new Chapter IX A-Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojna, 2016

Short title and commencement.
Definitions
Declaration of undisclosed income in the form of cash or deposit in an account maintained by the person with a specified entity-Section 199C
Charge of tax and surcharge-Section 199D
Penalty-Section 199E
Deposit of undisclosed income-Section 199F
Manner of declaration-Section 199G
Time for payment of tax, penalty, surcharge and deposit-Section 199H
Undisclosed income declared not to be included in total income-Section 199I
Undisclosed income declared not to affect finality of completed assessments-Section 199J
Tax, etc., not refundable-Section 199K
Declaration not admissible in evidence against declarant-Section 199L
Declaration by misrepresentation of facts to be void-Section 199M
Applicability of certain provisions of Income-tax Act-Section 199N
Scheme not to apply to certain persons-Section 199O

Download Full Gazette Notification Click Here >>

Related Update:
PM Garib Kalyan Yojna Rules 2016 Click Here >>
PM Garib Kalyan Deposit Scheme 2016 Notification Click Here >>