Finance Bill Amendments,2016(Direct Tax)
Finance Bill Amendments : Here we are providing 12 key amendments in finance bill 2016(Direct tax). Download Finance bill amendments in 2016.Below we giving some highlights of finance bill 2016.Download the file and get complete details about finance bill amendments ,2016
Amendment to the Finance Bill 2016, the government has stated that disclosures made in the four-month compliance window under the Income Declaration Scheme, 2016 for domestic black money holders will be kept secret.
“Chapter IX of the Finance Bill seeks to introduce the Income Declaration Scheme, 2016 which provides an opportunity to persons who have not paid full tax in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totalling in all to 45 per cent of such undisclosed income so declared. It is proposed to import section 138 and 119 of the Income-tax Act to the Income Declaration Scheme, 2016,” the explanatory note said
Section 138 of the Income Tax Act states that “no information or document shall be furnished or produced by a public servant in respect of such matters relating to such class of assessees or except to such authorities as may be specified in the order”.
The amendments to Finance Bill 2016 have also clarified that the concessional rate of 15 per cent on short-term capital gain will be available for transactions which take place in foreign currency on a recognised stock exchange even if Securities Transaction Tax (STT) is not paid
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Download Finance Bill Amendments in 2016(Direct Tax)
Finance bill amendments,2016(direct tax)
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