Section 115BBE of Income tax Act after Taxation Law Amendment Act 2016

By | December 16, 2016
(Last Updated On: December 16, 2016)

Section 115BBE of Income tax Act after Taxation Law Amendment Act 2016

115BBE. of Income Tax Act after Taxation Laws (Second Amendment) Act, 2016 received the Assent of President on 15.12.2016

[ Note-1 ] [Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D.

[Note-2 ] 115BBE. “(1) Where the total income of an assessee,—

(a) includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D and reflected in the return of income furnished under section 139; or

(b) determined by the Assessing Officer includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, if such income is not covered under clause (a),

the income-tax payable shall be the aggregate of—

(i) the amount of income-tax calculated on the income referred to in clause (a) and clause (b), at the rate of sixty per cent.; and

(ii) 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 (i).”.

(2) Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance 3[or set off of any loss] 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).]


Note-1  Inserted by the Finance Act, 2012, w.e.f. 1-4-2013.

Note-2 Taxation Laws (Second Amendment) Act, 2016  substituted Section 115BBE(1) with effect from the 1st day of April, 2017 . Before this substitution Section 115BBE was read as follow

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).

 

 

3 The italicised words shall be inserted by the Finance Act, 2016, w.e.f. 1-4-2017.

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