Web24 May 2024 · Sec. 115BBE not applicable on income surrendered by assessee if AO didn’t find unexplained credit in books: ITAT - Taxmann Sec. 115BBE not applicable on income surrendered by assessee if AO didn’t find unexplained credit in books: ITAT 05 Aug 2024 [2024] 128 taxmann.com 406 (Chandigarh - Trib.) [24-05-2024] Income Tax Case Laws … Web30 Jun 2024 · In case Domestic Companies opts concessional rates u/s 115BAB/ 115BAA – Applicable surcharge rate is 10%. FOREIGN COMPANY SURCHARGE: LOCAL AUTHORITY: A local authority is taxable at 30% SURCHARGE: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees.
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WebThe penalty under Section 271B is imposed on defaulting taxpayers for not getting the accounts audited or failure to submit to the Income Tax Department the report furnished by the tax auditor. The penalty is applicable exclusively if the taxpayer is unable to state a reasonable cause for the lapse. Web22 Jun 2024 · Sec.115BBE was amended by Finance Act 2016 barring ‘set-off of losses’ against income section(s) 68/69/69A/69B/69C/69D of the Act. With regards to same conflicting views were taken by the ... great wall chinese vails gate ny
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WebThere is therefore nothing stated in either the pre-amended or post-amended provisions of section 115BBE that where the assessee surrenders undisclosed income during the search action for the relevant year, the tax rate has to be charged as per provision of section 115BBE of the Act. Web20 Jun 2024 · section 115BBE. It also further mentions that the pre-amended provision of section 115BBE of the Act did not convey the intention that losses shall not be allowed to … Web4 Apr 2024 · Section 115BBE provides that even if the assessee has included unexplained cash credits and declared them in the return of income, still he shall pay 60% tax on such income (+25% surcharge on the Tax Amount + 4% cess in all cases).[ Effective Rate is 78%] Section 115BBE also provides that if unexplained cash credits are discovered by … great wall chinese thai and sushi bar