Levy of penalty for misreporting of income @200% of tax payable under Section 270A of the Income-tax Act shall continue to apply.
Taxation Laws (Second Amendment) Act, 2016 came into force as the Government has notified the rules on 15th December 2016.
The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 introduced in the amendment will commence today i.e.17th December, 2016 and will remain open for declarations up to 31st March, 2017.
The scheme has made it clear that there will be no immunity under the Criminal Acts with respect to the disclosures made under this scheme.
Following are the highlights of the scheme introduced by amendment.