Monday, August 29, 2016

Situations where disclosure window shall not be allowed

i. An undisclosed income, which has already been assessed by the tax department and the case is pending before the Assessing Officer, would not be eligible for disclosure under the scheme.

ii. If the undisclosed income relates to assessment year 2016-17 or any earlier assessment year, where the Income tax department has served a notice (on or before 31 May 2016) to the assessee under section 142, 143(2), 148, 153A or 153C.

iii. A person is not eligible to make a declaration if a search has been initiated and the time for issuance of notice under section 153A has not expired.

iv. The cases covered under the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax act, 2015.

v. A person in respect of whom proceedings for prosecution of any offence punishable under Chapter IX or XVII of the Indian Penal Code or under the Unlawful activities (prevention) Act or the Narcotic Drugs and Psychotropic Substances Act or the Prevention of Corruption Act are pending. A person notified under section 3 of the Special Court (Trial of Offences Relating to Transaction in Securities) Act or a person in respect of whom an order of detention has been made under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, subject to the conditions specified in the Scheme.

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