tax treatment for unexplained income
Martin Sunny (9 Points)
08 October 2017
hey what are tax treatment for unexplained income and are there any amendments in it from the previous provision
4 Replies
Preety Acharya
(85 Points)
Replied 08 October 2017
Unexplained income will be taxed at the flat tax rate 30% & no deduction will be allowed from this income
Ashwin Kumar
(1234 Points)
Replied 08 October 2017
unexplained and miscellaneous income will be taxed under the head income from other sources with a flat tax rate of 30% and there is no exemption
Sanal Bishnoi
(Chartered Accountant)
(33 Points)
Replied 08 October 2017
Amended with effect from 01.04.2017 (From A.Y 17-18 onwards)
Rate of Taxability: – As per Section 115BBE (read with 271 AAC) of the Income Tax Act,
The erstwhile tax rate of 30% has been increased to 60% will be further increased by 25% surcharge, 6% penalty, i.e., the final tax rate comes out to be 83.25% (including cess).
That such 6% penalty shall not be levied when the income has been included in return of income and tax has been paid on or before the end of relevant previous year.
The only difference between self disclosure by assessee and detection by ITD (otherwise than by search etc.) is 6% of the total income – in my view,
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