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Section - 115 BBE - Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D

[Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D. 115BBE. (1) Where the total income of an assessee includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, the income-tax payable shall be the aggregate of— (a) the amount of income-tax calculated on income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, at the rate of thirty per cent; and (b) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (a). (2) Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance shall be allowed to the assessee under any provision of this Act in computing his income referred to in clause (a) of sub-section (1).] Cash credits. 68. Where any sum is found credited in the books24 of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the 25[Assessing] Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year : 26[Provided that where the assessee is a company (not being a company in which the public are substantially interested), and the sum so credited consists of share application money, share capital, share premium or any such amount by whatever name called, any explanation offered by such assessee-company shall be deemed to be not satisfactory, unless— (a) the person, being a resident in whose name such credit is recorded in the books of such company also offers an explanation about the nature and source of such sum so credited; and (b) such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactory: Provided further that nothing contained in the first proviso shall apply if the person, in whose name the sum referred to therein is recorded, is a venture capital fund or a venture capital company as referred to in clause (23FB) of section 10.] Query: If any person received income in any form including , SALARY , RENTAL, sale of jewellery or any capital assets / goods , other sources income , commission , brokerage , profit / loss from share / commodity transaction and COULD NOT PROVE THe genuiness of transaction for WANT OF NON PRODUCTION of third parties or on account of any material evidences, which the person already offer as income , can be taxed under section 115 BBE , instead of regular 5 sources

Hello Ajay,

Section 115BBE has been introduced w.e.f. AY 2013-14 with an intention to tackle with people who shows their black income as white by paying less tax. Therefore any income for which assessee would not be able to explain the source, now will be taxed at 30% instead of 10% or 20%.

Pl revert if you need any further help.

What about levy of interest under section 234B of incometax Act if
Assessee is senior citizen and have no business income
Have income from business also.
Your valuable suggestions are highly appreciated

What about levy of interest under section 234B of incometax Act if
Assessee is senior citizen and have no business income
Have income from business also.
Your valuable suggestions are highly appreciated

20
Apr

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