News company secretary important tax law and practice amendments for 2016


Posted on 20-05-2016        By ADMIN

News company secretary important  tax law and practice amendments for 2016 

Finance bill 2016 update

Amendment of section 2.4. Amendment of section 6.5. Amendment of section 9.6. Amendment of section 9A.7. Amendment of section 10.8. Amendment of section 10AA.9. Amendment of section 17.10. Amendment of section 24.11. Substitution of new section for sections 25A, 25AA and 25B.12. Amendment of section 28.13. Amendment of section 32.14. Amendment of section 32AC.15. Amendment of section 35.16. Insertion of new section 35ABA.17. Amendment of section 35AC.18. Amendment of section 35AD.19. Amendment of section 35CCC.20. Amendment of section 35CCD21. Amendment of section 36.22. Amendment of section 40.23. Amendment of section 43B.24. Amendment of section 44AA.25. Amendment of section 44AB.26. Amendment of section 44AD.27. Insertion of new section 44ADA.28. Amendment of section 47.29. Amendment of section 48.30. Amendment of section 50C.31. Insertion of new section 54EE.


THE INCOME DECLARATION SCHEME, 2016178. Short title and commencement.

 179. Definitions. 

180. Declaration of undisclosed income.

 181. Charge of tax and surcharge. 

182. Penalty.183. Manner of declaration.

 184. Time for payment of tax

185. Undisclosed income declared not to be included in total income

186. Undisclosed income declared not to affect for finality of completed assessments.

 187. Undisclosed income declared not to be treated as benami transaction in certain cases. 

188. Tax in respect of voluntarily disclosed income not refundable

189. Declaration not admissible in evidence against declarant.

 190. Declaration by misrepresentation of facts to be void.

 191. Exemption from Wealth-tax in respect of assets specified in declaration.

 192. Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act. 

193. Scheme not to apply to certain persens. 

194. Removal of doubts. 

195. Power to remove difficulties. 

196. Power to make rules.


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