Declaration of undisclosed income
Section 199C of the Finance Act, 2016 deals with declaration of undisclosed income. Declaration of undisclosed income. 199C. (1) Subject to the provisions of this Scheme, any person may make, on or after the date of commencement of this Scheme but on or before a date to be notified by the Central Government in the Official Gazette, a declaration in respect of any income, in the for The Act was enacted on 27 Jun 2016.
Declaration of undisclosed income.
199C. (1) Subject to the provisions of this Scheme, any person may make, on or after the date of commencement of this Scheme but on or before a date to be notified by the Central Government in the Official Gazette, a declaration in respect of any income, in the form of cash or deposit in an account maintained by the person with a specified entity, chargeable to tax under the Income-tax Act for any assessment year commencing on or before the 1st day of April, 2017.
(2) No deduction in respect of any expenditure or allowance or set-off of any loss shall be allowed against the income in respect of which a declaration under sub-section (1) is made.
Explanation.—For the purposes of this section, "specified entity" shall mean—
Section 199C, The Finance Act, 2016.
(i) the Reserve Bank of India; (ii) any banking company or co-operative bank, to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); (iii) any Head Post Office or Sub-Post Office; and (iv) any other entity as may be notified by the Central Government in the Official Gazette in this behalf.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Referred to by 10
- s. 199B Definitions
- s. 199D Charge of tax and surcharge
- s. 199E Penalty
- s. 199F Deposit of undisclosed income
- s. 199G Manner of declaration
- s. 199H Time for payment of tax, penalty, surcharge and deposit
- s. 199-I Undisclosed income declared not to be included in total income
- s. 199J Undisclosed income declared not to affect finality of completed assessments
- s. 199L Declaration not admissible in evidence against declarant
- s. 199P Removal of doubts
Questions about Section 199C
What does Section 199C of the Finance Act deal with?
Section 199C of the Finance Act is headed "Declaration of undisclosed income". Declaration of undisclosed income. 199C. (1) Subject to the provisions of this Scheme, any person may make, on or after the date of commencement of this Scheme but on or before a date to be notified by the Central Government in the Official Gazette, a declaration in respect of any income, in the for
How do I find court cases under Section 199C of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2016 199C, section 199C Finance Act 2016, section 199C of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 199C of the Finance Act, and has it changed?
10 other provisions in this corpus refer back to it.
When was Section 199C of the Finance Act enacted?
Section 199C of the Finance Act, cited as Finance Act 2016 199C, was enacted on 27 Jun 2016. It is in force as at the date shown on this page.
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