- Duty on Tobacco to be increased by 10-15%
- Limited Period Compliance Window for undisclosed income/assets – 30% Tax, Surcharge 7.5% and penalty 7.50% . The period will be 01-06-2016 to 30-09-2016, with time to pay within 2 months.
- New dispute resolutions scheme – Dispute up to Rs.10 Lakhs without paying penalty and if disputed amount Rs.10 Lakhs, 25% penalty. For penalty related appeals can be settled by paying 25% on minimum imposable penalty
- Penalty provisions amended
Karthik & Sunil 