together with interest if any. 60% of the undisclosed income of the previous in other cases. “specified year” For search cases initiated or after 15.12.2016: Payable at the following rates: 30% of the undisclosed income of the previous where the “specified year” assessee admits the income in the course of search, substantiates the manner in which it was derived and pays tax on the undisclosed income together with interest if any, and files the return of income declaring the undisclosed income, before the “specified date” 60% of the undisclosed income of the specified previous year, in other cases. Specified date : Not applicable Specified date means: Due date of furnishing return u/s 139(1), or Date of expiry of the period specified in 153A notice for filing return of income to both to both “Undisclosed income” refers “Undisclosed income” refers income not recorded or disclosed as well income not recorded or disclosed as well as false expenditure recorded in books of as false expenditure recorded in books of account or other documents. account or other documents. In respect of income, the income of the In respect of income, the income of the previous represented by represented by “specified year” “specified previous year” money, bullion, jewellery or other valuable money, bullion, jewellery or other valuable article or thing or entry in books of account article or thing or entry in books of account or other documents or transactions found or other documents or transactions found in the course of search, which has in the course of search, which has – – Not been recorded on or before the date of Not been recorded on or before the date of search in the books of account / search in the books of account / documents maintained in the normal documents maintained in the normal course relating to such previous year, or course relating to such previous year, or Otherwise not been disclosed to the Otherwise not been disclosed to the Principal Chief Commissioner / Chief Principal Chief Commissioner / Chief Commissioner / Principal Commissioner / Commissioner / Principal Commissioner / Commissioner before the date of search Commissioner before the date of search
together with interest if any. 60% of the undisclosed income of the “specified previous year” in other cases. For search cases initiated or after 15.12.2016: Payable at the following rates: 30% of the undisclosed income of the “specified previous year” where the assessee admits the income in the course of search, substantiates the manner in which it was derived and pays tax on the undisclosed income together with interest if any, and files the return of income declaring the undisclosed income, before the “specified date” 60% of the undisclosed income of the specified previous year, in other cases. Specified date : Not applicable Specified date means: Due date of furnishing return u/s 139(1), or Date of expiry of the period specified in 153A notice for filing return of income “Undisclosed income” refers to both income not recorded or disclosed as well as false expenditure recorded in books of account or other documents. In respect of income, the income of the “specified previous year” represented by money, bullion, jewellery or other valuable article or thing or entry in books of account or other documents or transactions found in the course of search, which has – Not been recorded on or before the date of search in the books of account / documents maintained in the normal course relating to such previous year, or Otherwise not been disclosed to the Principal Chief Commissioner / Chief Commissioner / Principal Commissioner / Commissioner before the date of search “Undisclosed income” refers to both income not recorded or disclosed as well as false expenditure recorded in books of account or other documents. In respect of income, the income of the “specified previous year” represented by money, bullion, jewellery or other valuable article or thing or entry in books of account or other documents or transactions found in the course of search, which has – Not been recorded on or before the date of search in the books of account / documents maintained in the normal course relating to such previous year, or Otherwise not been disclosed to the Principal Chief Commissioner / Chief Commissioner / Principal Commissioner / Commissioner before the date of search
Gift-related-transactions-and-capital-gains.docx