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Tax implications on section 115BBE
how much taxes are leived on undisclosed income as per section 115BBE.?
Replies (2)
Upto A.Y. 2016-17 there was special rate of tax on income assessed u/s 68/69/69A/ 69B/69C/69D @ 30% of such income.
But w.e.f. A.Y. 2017- 18 rate of tax on income assessed u/s 115BBE shall be 60% of such income.
A surcharge of 25% on such tax (i.e. 15% tax on such income) shall be increased on tax payable. (that makes it to 85% of the undisclosed income)
77.25% to be precise because education cess is to be applied at 3% on (tax+surcharge )
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