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tax treatment for unexplained income
hey what are tax treatment for unexplained income and are there any amendments in it from the previous provision
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Unexplained income will be taxed at the flat tax rate 30% & no deduction will be allowed from this income
any amendments?
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
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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