Abolishing benefit of Exemption limit in case of Undisclosed Income
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ABOLISHING BENEFIT OF EXEMPTION LIMIT IN CASE OF UNDISCLOSED INOCME
As currently provided U/S 68, 69, 69A, 69B, 69C, and 69D, if any undisclosed income is found then the Tax on such income is being calculated as per the Slab Of Income Tax and the benefit of exemption limit is being enjoyed. Hence Individual and H.U.F assessees had to pay nil Tax if after including even Undisclosed Income, their Total Income doesn’t exceeds exemption limit.
However as from the Assessment year 2013-2014, the benefit of exemption limit is being abolished, as per the amended provisions if any undisclosed Income is found U/S 68, 69, 69A, 69B, 69C, and 69D, that will be taxed @ 30% flat basis without any exemption limit. And the surcharge and EC & SHEC will be additional to this.
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