SHOW CAUSE NOTICE U/S 69 Unexplained investment 115BEE

Yes, unexplained income for AY 2016 is taxed at 30% under section 115BBE. In addition to the tax, you may also be liable for a penalty under section 271(1)(c) of the Income Tax Act, which is equal to 100% of the tax payable on the undisclosed income. You will also be liable for interest on the tax and penalty under section 234A of the Income Tax Act. The rate of interest is 1% per month

Thanks for responding. Do i end up paying interest under section 234A or 234B or 234C or all of them? And is the interest calculated on only  tax or tax + penalty?

yes, all of them

Section 115BBE deals with the taxation of unexplained income, and it provides for a flat tax rate of 30% on such income. Additionally, a surcharge of 25% and education cess of 3% on the aggregate of tax and surcharge are levied.

However, it's crucial to note that tax laws can be subject to amendments, and new provisions may have been introduced or existing ones modified after my last update. Therefore, it's recommended to check the latest provisions of the Income Tax Act or consult with a tax professional for the most current and accurate information.

If you have received a show cause notice from the Assessing Officer (AO), it indicates that the tax authorities are questioning the explanation provided for the cash deposits in your bank account. If you have already explained the source of the deposits to the best of your ability and the AO is not satisfied, you may need to follow the appropriate legal procedures.

For further more detailed information on this topic visit: Can CA be arrested- Section 69 vs. Section 132 of CGST Act

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It would be great if you can provide a rough estimate of the money i would end up paying in tax+penalty+interest . can you please provide?

It would be great if you can provide a rough estimate of the money i would end up paying in tax+penalty+interest . can you please provide?

I received show cause notice for Penalties u/s 271(1)C and 271F with the below reason in the show cause notice" Penalty proceedings u/s 271(1)(c) is initiated separately for concealment of the particulars of his income."

Could  you please let me know what will be my penalty % U/S 271(1)C  . Is it 100% of the tax or 300% of the tax ?