Madras HC rules 60% Tax Rate for Demonetization Deposits u/s 115BBE applies Prospectively from 01.04.2017, Orders 30% Tax Reassessment [Read Order]
Considering the tax rate increased to 60% on demonetization Deposits u/s 115BBE applies prospectively from 01.04.2017, the Madras HC ordered reassessment at 30%
By Kavi Priya - On November 28, 2024 3:32 pm - 2 mins read
In a recent ruling, the Madurai Bench of Madras High Court ruled that the increased 60% tax rate under Section 115BBE of the Income Tax Act applies prospectively from 01.04.2017 and ordered reassessment at the earlier 30% tax rate. S.M.I.L.E Microfinance Limited, the petitioner is a non-deposit-taking NBFC providing microfinance loans to women in Joint Liability…
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