Krishi Kalyan Surcharge
Q. Krishi Kalyan Surcharge will be levied on- Published on 21 Mar 16
a. Services Sector
b. Undisclosed Income
c. Food Processing Industries
d. Agricultural markets
ANSWER: Undisclosed Income
- Domestic tax payers can declare undisclosed income or such income represented in the form of any asset by paying tax at 30%, and surcharge at 7.5% and penalty at 7.5%, which is a total of 45% of the undisclosed income.
- There will be no scrutiny or enquiry regarding income declared in these declarations under the Income Tax Act or the Wealth Tax Act and the declarants will have immunity from prosecution. Immunity from Benami Transaction (Prohibition) Act, 1988 is also proposed subject to certain conditions.
- Surcharge levied at 7.5% of undisclosed income will be called Krishi Kalyan Surcharge to be used for agriculture and rural economy.
- The compliance window is of 4 months. From 1st June 2016 to 30th September 2016.