Page 56 - Union Budget_2019
P. 56

Union Budget 2019

           The above amendments will take effect retrospectively from 1st July, 2015.


           Section 84 of BM Act provides for application of provisions of Income tax Act. It lists down various sections
           of Income tax Act, which are applicable to BM Act.


           Considering the significance of cases assessed under the BM Act, it is proposed to amend Section 84 of BM

           Act to provide that the provisions of section 144A of the Income-tax Act, which relates to power of Joint
           Commissioner to issue directions for examining records of pending proceedings, or for completing the

           assessment, shall be applicable to the BM Act with necessary modifications.

           Further, a clarificatory amendment is proposed to be made in Section 17 of the BM Act to clarify that the

           Commissioner (Appeals) may also vary the penalty order so as to enhance or reduce the penalty.


           This amendment will take effect from 1st September, 2019.

           11.2 Rationalisation of the Income Declaration Scheme (IDS), 2016



           IDS provided an opportunity for the taxpayers to clean up their black money by paying the tax, surcharge and
           penalty with respect to undisclosed income declared under IDS, 2016 within 30.11.2016.


           However, for those who have missed the due date, Budget 2019 proposes to reopen the window for certain

           persons as notified by Central Government to pay the dues within the specified due date. The unpaid dues shall
           be paid along with the interest at the rate of 1% of every month or part of a month from 01.12.2016 till the actual
           date of payment.


           Further, the existing Section 191 of the Finance Act, 2016, did not provide refund of excess tax paid by the

           declarants in pursuance to IDS.


           In order to address genuine concern of the declarants, it is proposed to amend the said section so as to provide
           that the Central Government may notify the class of persons to whom the amount of tax, surcharge and penalty,

           paid in excess of the amount payable under the Scheme, shall be refundable.


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           This amendment will take effect retrospectively from 1  June 2016.




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