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EXTRAORDINARY
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PART II Section 2
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PUBLISHED BY AUTHORITY
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Separate paging is given to this Part in order that it may be filed as a separate compilation.
LOK SABHA
The following Bill was introduced in Lok Sabha on 28th November, 2016:
BILL NO. 299 OF 2016
A Bill further to amend the Income-tax Act, 1961 and the Finance Act, 2016.
BE it enacted by Parliament in the Sixty-seventh Year of the Republic of India as
follows:
CHAPTER I
PRELIMINARY
1. (1) This Act may be called the Taxation Laws (Second Amendment) Act, 2016.
(2) Save as otherwise provided in this Act, it shall come into force at once.
CHAPTER II
INCOME-TAX
43 of 1961.
Amendment of
section 115BBE.
[PART II
Insertion of
new section
271AAC.
Penalty in
respect of
certain income.
4. In the Income-tax Act, after section 271AAB, the following section shall be inserted
with effect from the 1st day of April, 2017, namely:
271AAC. (1) The Assessing Officer may, notwithstanding anything contained
in this Act other than the provisions of section 271AAB, direct that, in a case where
the income determined includes any income referred to in section 68, section 69,
section 69A, section 69B, section 69C or section 69D for any previous year, the
assessee shall pay by way of penalty, in addition to tax payable under section 115BBE,
a sum computed at the rate of ten per cent. of the tax payable under clause (i) of
sub-section (1) of section 115BBE:
Provided that no penalty shall be levied in respect of income referred to in
section 68, section 69, section 69A, section 69B, section 69C or section 69D to the
extent such income has been included by the assessee in the return of income furnished
SEC. 2]
under section 139 and the tax in accordance with the provisions of clause (i) of
sub-section (1) of section 115BBE has been paid on or before the end of the relevant
previous year.
(2) No penalty under the provisions of section 270A shall be imposed upon the
assessee in respect of the income referred to in sub-section (1).
(3) The provisions of sections 274 and 275 shall, as far as may be, apply in
relation to the penalty referred to in this section..
CHAPTER III
FINANCE ACT
28 of 2016.
Amendment of
section 2.
(i) in the third proviso, the figures and letters "115BBE" shall be omitted;
(ii) after the sixth proviso, the following proviso shall be inserted,
namely:
Provided also that in respect of any income chargeable to tax under
clause (i) of sub-section (1) of section 115BBE of the Income-tax Act, the
advance tax computed under the first proviso shall be increased by a surcharge,
for the purposes of the Union, calculated at the rate of twenty-five per cent. of
such advance tax.;
(b) after Chapter IX, the following Chapter shall be inserted, namely:
CHAPTER IXA
Insertion of new
Chapter IX A.
TAXATION AND INVESTMENT REGIME FOR PRADHAN MANTRI GARIB KALYAN YOJANA, 2016
199A. (1) This Scheme may be called the Taxation and Investment Regime for
Pradhan Mantri Garib Kalyan Yojana, 2016.
(2) It shall come into force on such date as the Central Government may, by
notification, in the Official Gazette, appoint.
199B. In this Scheme, unless the context otherwise requires,
Definitions.
(a) "declarant" means a person making the declaration under sub-section (1)
of section 199C;
43 of 1961.
Declaration of
undisclosed
income.
[PART II
Explanation. For the purposes of this section, specified entity shall mean
(i) the Reserve Bank of India;
(ii) any banking company or co-operative bank, to which the
Banking Regulation Act, 1949 applies (including any bank or banking institution
referred to in section 51 of that Act);
10 of 1949.
Penalty.
Deposit of
undisclosed
income.
Manner of
declaration.
Time for
payment of
tax, penalty,
surcharge and
deposit.
199H. (1) The tax and surcharge payable under section 199D and penalty payable
under section 199E in respect of the undisclosed income, shall be paid before filing of
declaration under sub-section (1) of section 199C.
(2) The amount referred to in sub-section (1) of section 199F shall be deposited
before the filing of declaration under sub-section (1) of section 199C.
(3) The declaration under sub-section (1) of section 199C shall be accompanied
by the proof of deposit referred to in sub-section (1) of section 199F, payment of tax,
surcharge and penalty under section 199D and section 199E, respectively.
Undisclosed
income
declared not to
be included in
total income.
Undisclosed
income
declared not to
affect finality
of completed
assessments.
199-I. The amount of undisclosed income declared in accordance with subsection (1) of section 199C shall not be included in the total income of the declarant
for any assessment year under the Income-tax Act.
199J. A declarant under this Scheme shall not be entitled, in respect of undisclosed
income referred to in section 199C or any amount of tax and surcharge paid thereon,
to re-open any assessment or reassessment made under the Income-tax Act or the
Wealth-tax Act, 1957, or to claim any set-off or relief in any appeal, reference or other
proceeding in relation to any such assessment or reassessment.
27 of 1957.
SEC. 2]
199K. Any amount of tax and surcharge paid under section 199D or penalty
paid under section 199E shall not be refundable.
199L. Nothwithstanding anything contained in any other law for the time being
in force, nothing contained in any declaration made under sub-section (1) of section
199C shall be admissible in evidence against the declarant for the purpose of any
proceeding under any Act other than the Acts mentioned in section 199-O.
Declaration not
admissible in
evidence against
declarant.
Declaration by
misrepresentation
of facts to be
void.
Applicability
of certain
provisions of
Income-tax
Act.
52 of 1974.
Scheme not to
apply to certain
persons.
Provided that
(i) such order of detention, being an order to which the provisions
of section 9 or section 12A of the said Act do not apply, has not been
revoked on the report of the Advisory Board under section 8 of the said
Act or before the receipt of the report of the Advisory Board; or
(ii) such order of detention, being an order to which the provisions
of section 9 of the said Act apply, has not been revoked before the expiry
of the time for, or on the basis of, the review under sub-section (3) of
section 9, or on the report of the Advisory Board under section 8, read
with sub-section (2) of section 9, of the said Act; or
(iii) such order of detention, being an order to which the
provisions of section 12A of the said Act apply, has not been revoked
before the expiry of the time for, or on the basis of, the first review under
sub-section (3) of that section, or on the basis of the report of the Advisory
Board under section 8, read with sub-section (6) of section 12A, of the
said Act; or
(iv) such order of detention has not been set aside by a court of
competent jurisdiction;
1860.
1985.
1967.
1988.
1988.
2003.
27 of 1992.
(c) to any person notified under section 3 of the Special Court (Trial of
Offences Relating to Transactions in Securities) Act, 1992;
22 of 2015.
45
61
37
49
45
15
of
of
of
of
of
of
199P. For the removal of doubts, it is hereby declared that save as otherwise
expressely provided in sub-section (1) of section 199C, nothing contained in this
Removal of
doubts.
[PART II
199Q. (1) If any difficulty arises in giving effect to the provisions of this Scheme,
the Central Government may, by order, not inconsistent with the provisions of this
Scheme, remove the difficulty:
Provided that no such order shall be made after the expiry of a period of two
years from the date on which the provisions of this Scheme come into force.
(2) Every order made under this section shall be laid before each House of
Parliament.
Power to make
rules.
199R. (1) The Board may, subject to the control of the Central Government, by
notification in the Official Gazette, make rules for carrying out the provisions of this
Scheme.
(2) Without prejudice to the generality of the foregoing power, such rules may
provide for all or any of the following matters, namely:
(a) the form and manner of declaration and verification to be made under
section 199G; and
(b) any other matter which is to be, or may be, prescribed, or in respect of
which provision is to be made, by rules.
(3) Every rule made under this Scheme shall be laid, as soon as may be after it is
made before each House of Parliament while it is in session for a total period of thirty
days which may be comprised in one session or in two or more successive sessions
and if, before the expiry of the session immediately following the session or the
successive sessions aforesaid, both Houses agree in making any modification in the
rule or both Houses agree that the rule should not be made, the rule shall thereafter
have effect only in such modified form or be of no effect, as the case may be; so,
however, that any such modification or annulment shall be without prejudice to the
validity of anything previously done under that rule..
SEC. 2]
ARUN JAITLEY.
This Bill seeks to impose a higher rate of tax and levy of penalty in respect of certain
incomes. It also provides for a scheme for payment of tax, penalty and surcharge on the
undisclosed income and investment of certain amount of such income in the Pradhan Mantri
Garib Kalyan Deposit Scheme. The Bill is proposed to be administered by the Central
Board of Direct Taxes. Thus, no additional expenditure is contemplated on the enactment of
the Bill.
ANOOP MISHRA
Secretary General
PRINTED BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NEW DELHI
AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI2016.
GMGIPMRND3442GI(S3)28-11-2016.
RAM
DAYAL
Digitally signed
by RAM DAYAL
Date: 2016.11.28
21:30:29 +05'30'