Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: empanelment :: VAT RATES :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: due date for vat payment :: ACCOUNTING STANDARDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd
 
 
Corporate Law »
 Government firm on tax law changes, relents on tribunal postings
 Income Tax relief on money in single parent’s account may lead to tax evasion: Law panel
 Law panel against income tax relief for single parents
 Maintenance of Accounts and other record in GST Law
 Parliament Votes to Extend Value Added Tax Law
 Taxation Laws (Second Amendment) Act, 2016 ​​​​​​​​​​​​​​​​​​​​​​​​​​​​
 Glimpse of Invoices Revised Model GST Law
 Registration , Amendment and Cancellation under Revised GST Law
 GST council meeting: Law Ministry says only Centre can control traders
 Meaning and Scope of ‘Supply’ – Comparative view under Revised Model GST Law vis-à-vis Earlier Model GST Law
 Tax Tribunal issues order against a law firm for forum shopping
 Input Tax Credit under the GST Law
 Tax Return Preparer Under Model ‘gst’ Law
 India unveils first-ever comprehensive draft anti-human trafficking law
 Recent Case Laws On Reverse Charge Mechanism

Taxation Laws (Second Amendment) Act, 2016
February, 20th 2017
              jftLVªh lañ Mhñ ,yñ--(,u)04@0007@2003--16       REGISTERED NO. DL--(N)04/0007/2003--16




                                                          vlk/kkj.k
                                                  EXTRAORDINARY
                                                    Hkkx II -- [k.M 1
                                                  PART II -- Section 1
                                               izkf/kdkj ls izdkf'kr
                                         PUBLISHED BY AUTHORITY
              lañ 57]            ubZ fnYyh] c`gLifrokj] fnlEcj 15] 2016@ vxzgk;.k 24] 1938 ¼'kd½
              No. 57] NEW DELHI, THURSDAY, DECEMBER 15, 2016/AGRAHAYANA 24, 1938 (SAKA)

                    bl Hkkx esa fHkUu i`"B la[;k nh tkrh gS ftlls fd ;g vyx ladyu ds :i esa j[kk tk ldsA
               Separate paging is given to this Part in order that it may be filed as a separate compilation.


                                    MINISTRY OF LAW AND JUSTICE
                                               (Legislative Department)
                                New Delhi, Thursday, 15th December, 2016/Agrahayana 24, 1938 (Saka)
                    The following Act of Parliament received the assent of the President on the
              15th December, 2016, and is hereby published for general information:--

                     THE TAXATION LAWS (SECOND AMENDMENT) ACT, 2016
                                     (NO. 48 OF 2016)
                                                                                     [15th December, 2016.]
              An Act further to amend the Income-tax Act, 1961 and the Finance Act, 2016.
                    BE it enacted by Parliament in the Sixty-seventh Year of the Republic of India as
              follows:--
                                                       CHAPTER I
                                                       PRELIMINARY
                    1. (1) This Act may be called the Taxation Laws (Second Amendment) Act, 2016.               Short title and
                                                                                                                commencement.
                    (2) Save as otherwise provided in this Act, it shall come into force at once.
                                                       CHAPTER II
                                                        INCOME-TAX
43 of 1961.          2. In the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act), in         Amendment of
              section 115BBE, for sub-section (1), the following sub-section shall be substituted with          section 115BBE.
              effect from the 1st day of April, 2017, namely:--
                          "(1) Where the total income of an assessee,--
                                (a) includes any income referred to in section 68, section 69, section 69A,
                          section 69B, section 69C or section 69D and reflected in the return of income
                          furnished under section 139; or
                  2                     THE GAZETTE OF INDIA EXTRAORDINARY                              [PART II--

                                     (b) determined by the Assessing Officer includes any income referred to
                              in section 68, section 69, section 69A, section 69B, section 69C or section 69D,
                              if such income is not covered under clause (a),
                        the income-tax payable shall be the aggregate of--
                                          (i) the amount of income-tax calculated on the income referred to in
                                    clause (a) and clause (b), at the rate of sixty per cent.; and
                                         (ii) the amount of income-tax with which the assessee would have
                                    been chargeable had his total income been reduced by the amount of
                                    income referred to in clause (i).".
Amendment               3. In the Income-tax Act, in section 271AAB,--
of section
271AAB.                       (I) in sub-section (1), after the words, figures and letters "the 1st day of July,
                        2012", the words, brackets and figures "but before the date on which the Taxation
                        Laws (Second Amendment) Bill, 2016 receives the assent of the President" shall be
                        inserted;
                              (II) after sub-section (1), the following sub-section shall be inserted, namely:--
                                     "(1A) The Assessing Officer may, notwithstanding anything contained in
                              any other provisions of this Act, direct that, in a case where search has been
                              initiated under section 132 on or after the date on which the Taxation Laws
                              (Second Amendment) Bill, 2016 receives the assent of the President, the assessee
                              shall pay by way of penalty, in addition to tax, if any, payable by him,--
                                         (a) a sum computed at the rate of thirty per cent. of the undisclosed
                                    income of the specified previous year, if the assessee--
                                                 ( i ) in the course of the search, in a statement under
                                          sub-section (4) of section 132, admits the undisclosed income and
                                          specifies the manner in which such income has been derived;
                                               (ii) substantiates the manner in which the undisclosed income
                                          was derived; and
                                                 (iii) on or before the specified date--
                                                       (A) pays the tax, together with interest, if any, in respect
                                                 of the undisclosed income; and
                                                       (B) furnishes the return of income for the specified
                                                 previous year declaring such undisclosed income therein;
                                          (b) a sum computed at the rate of sixty per cent. of the undisclosed
                                    income of the specified previous year, if it is not covered under the
                                    provisions of clause (a).";
                               (III) in sub-section (2), after the words, brackets and figure "in sub-section
                        (1)", the words, brackets, figure and letter "or sub-section (1A)" shall be inserted.
Insertion of            4. In the Income-tax Act, after section 271AAB, the following section shall be inserted
new section       with effect from the 1st day of April, 2017, namely:--
271AAC.




Penalty in                     "271AAC. (1) The Assessing Officer may, notwithstanding anything contained
respect of              in this Act other than the provisions of section 271AAB, direct that, in a case where
certain income.
                        the income determined includes any income referred to in section 68, section 69,
                        section 69A, section 69B, section 69C or section 69D for any previous year, the
                        assessee shall pay by way of penalty, in addition to tax payable under section 115BBE,
                        a sum computed at the rate of ten per cent. of the tax payable under clause (i) of
                        sub-section (1) of section 115BBE:
                              Provided that no penalty shall be levied in respect of income referred to in
                        section 68, section 69, section 69A, section 69B, section 69C or section 69D to the
                        extent such income has been included by the assessee in the return of income
              SEC. 1]               THE GAZETTE OF INDIA EXTRAORDINARY                                     3

                    furnished under section 139 and the tax in accordance with the provisions of clause
                    (i) of sub-section (1) of section 115BBE has been paid on or before the end of the
                    relevant previous year.
                          (2) No penalty under the provisions of section 270A shall be imposed upon the
                    assessee in respect of the income referred to in sub-section (1).
                           (3) The provisions of sections 274 and 275 shall, as far as may be, apply in
                    relation to the penalty referred to in this section.".
                                                     CHAPTER III
                                                      FINANCE ACT
28 of 2016.         5. In the Finance Act, 2016,--                                                              Amendment
                                                                                                                of section 2.
                          (a) in Chapter II, in section 2, in sub-section (9),--
                                (i) in the third proviso, the figures and letters "115BBE," shall be omitted;
                               (ii) after the sixth proviso, the following proviso shall be inserted,
                          namely:--
                                `Provided also that in respect of any income chargeable to tax under
                          clause (i) of sub-section (1) of section 115BBE of the Income-tax Act, the
                          "advance tax" computed under the first proviso shall be increased by a surcharge,
                          for the purposes of the Union, calculated at the rate of twenty-five per cent. of
                          such advance tax.';
                          (b) after Chapter IX, the following Chapter shall be inserted, namely:--              Insertion of
                                                                                                                new Chapter
                                                     `CHAPTER IXA                                               IX A.

                   TAXATION AND INVESTMENT REGIME FOR PRADHAN MANTRI GARIB KALYAN YOJANA, 2016
                         199A. (1) This Scheme may be called the Taxation and Investment Regime for             Short title and
                    Pradhan Mantri Garib Kalyan Yojana, 2016.                                                   commencement.

                           (2) It shall come into force on such date as the Central Government may, by
                    notification, in the Official Gazette, appoint.
                          199B. In this Scheme, unless the context otherwise requires,--                        Definitions.

                                (a) "declarant" means a person making the declaration under sub-section (1)
                          of section 199C;
43 of 1961.                     (b) "Income-tax Act" means the Income-tax Act, 1961;
                                (c) "Pradhan Mantri Garib Kalyan Deposit Scheme, 2016" (hereinafter in
                          this Chapter referred to as "the Deposit Scheme") means a scheme notified by
                          the Central Government in consultation with the Reserve Bank of India in the
                          Official Gazette; and
                                (d) all other words and expressions used in this Scheme but not defined
                          and defined in the Income-tax Act shall have the meanings respectively assigned
                          to them in that Act.
                           199C. (1) Subject to the provisions of this Scheme, any person may make, on or       Declaration of
                    after the date of commencement of this Scheme but on or before a date to be notified        undisclosed
                                                                                                                income.
                    by the Central Government in the Official Gazette, a declaration in respect of any
                    income, in the form of cash or deposit in an account maintained by the person with a
                    specified entity, chargeable to tax under the Income-tax Act for any assessment year
                    commencing on or before the 1st day of April, 2017.
                          (2) No deduction in respect of any expenditure or allowance or set-off of any
                    loss shall be allowed against the income in respect of which a declaration under
                    sub-section (1) is made.
                  4                    THE GAZETTE OF INDIA EXTRAORDINARY                              [PART II--

                            Explanation.-- For the purposes of this section, "specified entity" shall mean--
                                   (i) the Reserve Bank of India;
                                  ( ii ) any banking company or co-operative bank, to which the
                            Banking Regulation Act, 1949 applies (including any bank or banking institution          10 of 1949.
                            referred to in section 51 of that Act);
                                   (iii) any Head Post Office or Sub-Post Office; and
                                  (iv) any other entity as may be notified by the Central Government in the
                            Official Gazette in this behalf.
Charge of tax               199D. (1) Notwithstanding anything contained in the Income-tax Act or in any
and surcharge.        Finance Act, the undisclosed income declared under sub-section (1) of section 199C
                      within the time specified therein shall be chargeable to tax at the rate of thirty per cent.
                      of the undisclosed income.
                            (2) The amount of tax chargeable under sub-section (1) shall be increased by a
                      surcharge, for the purposes of the Union, to be called the Pradhan Mantri Garib
                      Kalyan Cess calculated at the rate of thirty-three per cent. of such tax so as to fulfil the
                      commitment of the Government for the welfare of the economically weaker sections
                      of the society.
Penalty.                     199E. Notwithstanding anything contained in the Income-tax Act or in any
                      Finance Act, the person making a declaration under sub-section (1) of section 199C
                      shall, in addition to tax and surcharge charged under section 199D, be liable to pay
                      penalty at the rate of ten per cent. of the undisclosed income.
Deposit of                  199F. (1) Notwithstanding anything contained in the Income-tax Act or in any
undisclosed           other law for the time being in force, the person making a declaration under
income.
                      sub-section (1) of section 199C, shall deposit an amount which shall not be less than
                      twenty-five per cent. of the undisclosed income in the Pradhan Mantri Garib Kalyan
                      Deposit Scheme, 2016.
                            (2) The deposit shall bear no interest and the amount deposited shall be allowed
                      to be withdrawn after four years from the date of deposit and shall also fulfil such
                      other conditions as may be specified in the Pradhan Mantri Garib Kalyan Deposit
                      Scheme, 2016.
Manner of                    199G. A declaration under sub-section (1) of section 199C shall be made by a
declaration.          person competent to verify the return of income under section 140 of the Income-tax
                      Act, to the Principal Commissioner or the Commissioner notified in the Official Gazette
                      for this purpose and shall be in such form and verified in such manner, as may be
                      prescribed.
Time for                    199H. (1) The tax and surcharge payable under section 199D and penalty payable
payment of            under section 199E in respect of the undisclosed income, shall be paid before filing of
tax, penalty,
surcharge and
                      declaration under sub-section (1) of section 199C.
deposit.                    (2) The amount referred to in sub-section (1) of section 199F shall be deposited
                      before the filing of declaration under sub-section (1) of section 199C.
                            (3) The declaration under sub-section (1) of section 199C shall be accompanied
                      by the proof of deposit referred to in sub-section (1) of section 199F, payment of tax,
                      surcharge and penalty under section 199D and section 199E, respectively.
Undisclosed                 199-I. The amount of undisclosed income declared in accordance with
income                sub-section (1) of section 199C shall not be included in the total income of the declarant
declared not to
be included in
                      for any assessment year under the Income-tax Act.
total income.
Undisclosed                 199J. A declarant under this Scheme shall not be entitled, in respect of undisclosed
income                income referred to in section 199C or any amount of tax and surcharge paid thereon,
declared not to
affect finality
                      to re-open any assessment or reassessment made under the Income-tax Act or the
of completed          Wealth-tax Act, 1957, or to claim any set-off or relief in any appeal, reference or other         27 of 1957.
assessments.          proceeding in relation to any such assessment or reassessment.
                  SEC. 1]               THE GAZETTE OF INDIA EXTRAORDINARY                                      5

                              199K. Any amount of tax and surcharge paid under section 199D or penalty paid          Tax, etc., not
                        under section 199E shall not be refundable.                                                  refundable.

                              199L. Nothwithstanding anything contained in any other law for the time being          Declaration not
                        in force, nothing contained in any declaration made under sub-section (1) of section         admissible in
                                                                                                                     evidence against
                        199C shall be admissible in evidence against the declarant for the purpose of any            declarant.
                        proceeding under any Act other than the Acts mentioned in section 199-O.
                               199M. Notwithstanding anything contained in this Scheme, where a declaration          Declaration by
                        has been made by misrepresentation or suppression of facts or without payment of tax         misrepresentation
                                                                                                                     of facts to be
                        and surcharge under section 199D or penalty under section 199E or without depositing         void.
                        the amount in the Deposit Scheme as per the provisions of section 199F, such declaration
                        shall be void and shall be deemed never to have been made under this Scheme.
                              199N. The provisions of Chapter XV of the Income-tax Act relating to liability in      Applicability
                                                                                                                     of certain
                        special cases and of section 119, section 138 and section 189 of that Act shall, so far as   provisions of
                        may be, apply in relation to proceedings under this Scheme as they apply in relation to      Income-tax
                        proceedings under the Income-tax Act.                                                        Act.




                              199-O. The provisions of this Scheme shall not apply--                                 Scheme not to
                                                                                                                     apply to certain
                                   (a) in relation to any person in respect of whom an order of detention has        persons.
                              been made under the Conservation of Foreign Exchange and Prevention of
52 of 1974.                   Smuggling Activities Act, 1974:
                                    Provided that--
                                          (i) such order of detention, being an order to which the provisions
                                    of section 9 or section 12A of the said Act do not apply, has not been
                                    revoked on the report of the Advisory Board under section 8 of the said
                                    Act or before the receipt of the report of the Advisory Board; or
                                          (ii) such order of detention, being an order to which the provisions
                                    of section 9 of the said Act apply, has not been revoked before the expiry
                                    of the time for, or on the basis of, the review under sub-section (3) of
                                    section 9, or on the report of the Advisory Board under section 8, read
                                    with sub-section (2) of section 9, of the said Act; or
                                          ( iii ) such order of detention, being an order to which the
                                    provisions of section 12A of the said Act apply, has not been revoked
                                    before the expiry of the time for, or on the basis of, the first review under
                                    sub-section (3) of that section, or on the basis of the report of the Advisory
                                    Board under section 8, read with sub-section (6) of section 12A, of the
                                    said Act; or
                                        (iv) such order of detention has not been set aside by a court of
                                    competent jurisdiction;
                                    ( b ) in relation to prosecution for any offence punishable under
45   of   1860.               Chapter IX or Chapter XVII of the Indian Penal Code, the Narcotic Drugs
61   of   1985.               and Psychotropic Substances Act, 1985, the Unlawful Activities (Prevention)
37   of   1967.
49   of   1988.               Act, 1967, the Prevention of Corruption Act, 1988, the Prohibition of Benami
45   of   1988.               Property Transactions Act, 1988 and the Prevention of Money-Laundering
15   of   2003.
                              Act, 2002;
27 of 1992.                        (c) to any person notified under section 3 of the Special Court (Trial of
                              Offences Relating to Transactions in Securities) Act, 1992;
                                    (d) in relation to any undisclosed foreign income and asset which is
22 of 2015.                   chargeable to tax under the Black Money (Undisclosed Foreign Income and
                              Assets) and Imposition of Tax Act, 2015.
                     6                    THE GAZETTE OF INDIA EXTRAORDINARY                      [PART II-- SEC. 1]

Removal         of              199P. For the removal of doubts, it is hereby declared that save as otherwise
doubts.                   expressely provided in sub-section (1) of section 199C, nothing contained in this
                          Scheme shall be construed as conferring any benefit, concession or immunity on any
                          person other than the person making the declaration under this Scheme.
Power to                       199Q. (1) If any difficulty arises in giving effect to the provisions of this Scheme,
remove                    the Central Government may, by order, not inconsistent with the provisions of this
difficulties.
                          Scheme, remove the difficulty:
                                Provided that no such order shall be made after the expiry of a period of two
                          years from the date on which the provisions of this Scheme come into force.
                                (2) Every order made under this section shall be laid before each House of
                          Parliament.
Power to make                    199R. (1) The Board may, subject to the control of the Central Government, by
rules.                    notification in the Official Gazette, make rules for carrying out the provisions of this
                          Scheme.
                                (2) Without prejudice to the generality of the foregoing power, such rules may
                          provide for all or any of the following matters, namely:--
                                      (a) the form and manner of declaration and verification to be made under
                                section 199G; and
                                     (b) any other matter which is to be, or may be, prescribed, or in respect of
                                which provision is to be made, by rules.
                                 (3) Every rule made under this Scheme shall be laid, as soon as may be after it is
                          made before each House of Parliament while it is in session for a total period of thirty
                          days which may be comprised in one session or in two or more successive sessions
                          and if, before the expiry of the session immediately following the session or the
                          successive sessions aforesaid, both Houses agree in making any modification in the
                          rule or both Houses agree that the rule should not be made, the rule shall thereafter
                          have effect only in such modified form or be of no effect, as the case may be; so,
                          however, that any such modification or annulment shall be without prejudice to the
                          validity of anything previously done under that rule.'.




                                                              --------



                                                                                  DR. G. NARAYANA RAJU,
                                                                             Secretary to the Govt. of India.




                     PRINTED BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NEW DELHI
                                AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI--2016.

                     GMGIPMRND--3952GI(S3)--15-12-2016.
                                                                                                    RAM Digitally  signed
                                                                                                          by RAM DAYAL

                                                                                                    DAYAL 21:09:01 +05'30'
                                                                                                          Date: 2016.12.15

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions