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What is Taxation of Undisclosed Income 115BBE about?
Section 115BBE taxes undisclosed income detected under sections 68-69D at a flat rate of 60% without allowing any deductions, resulting in an effective tax rate of 78%. This section was introduced to curb the practice of laundering unaccounted money by taking advantage of basic exemption limits. It now allows for voluntary disclosure of past undisclosed income by paying tax under section 115BBE. Paying tax under this section does not provide immunity from other laws for benami transactions or corruption. Un
- Author
- snsoni 89
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- EN