Section: 115BBE
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Penalty in respect of certain income
Section 115BBE provides for taxing income under sections 68 to 69D. The section prescribes a flat rate of 60% for all income brought to tax for lack of proof as to the source under sections 68 to 69D, plus surcharge @ 25% of the tax. This would mean that such income would be taxed on standalone basis, whose aggregate income including such income falling under the provisions falls below taxable limit.
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Tax on income referred in section 68, or section 69 or section 69B or section 69C or section 69D-Applicability of S. 115BBE
It would mean such income would be taxed on standalone basis, so as to be taxable even in the hands of the person, whose aggregate income including such income falling under the provisions falls below taxable limit. Therefore, irrespective of the “head” under which it is assessable such income would be taxed at flat rate of 60%.