LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Section115bbe

abhisekh (auditor) (23 Points)

10 November 2016

Can income be offered voluntarily by filing return declaring income under section 115bbe by paying 30 tax to avoid penalty?Please reply.

Reply
Follow
Share

1 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 10 November 2016

Section 115bbe suggests that the Assessing Officer may trigger the provisions of Section 115BBE of the Act read with Section 68 of the Act. This means that when individual is unable to demonstrate / substantiate the source of such income (as regards the payer, etc.) and the Assessing Officer rejects the explanation, being not properly explained to his satisfaction, then such income, though already offered to tax by the taxpayer, would be taxable at flat rate of 30 per cent on gross basis.