2016
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Chapter X
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Chapter XI
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Chapter XII
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Chapter XIII
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Detailed explanation-1: -The Scheme is incorporated as Chapter X of the Finance Act, 2016 comprising of sections 200 to 211. The Scheme is applicable from 1 June 2016.
Detailed explanation-2: -Every assessee, who is required to deduct and pay equalisation levy, shall pay the amount of such levy to the credit of the Central Government by remitting it into the Reserve Bank of India or in any branch of the State Bank of India or of any authorised Bank accompanied by an equalisation levy challan.
Detailed explanation-3: -Section 190 of the Finance Act, 1961 provides that provisions of Benami Transactions (Prohibition) Act, 1988 shall not apply if an, asset existing in the name of a benamidar, declared under the scheme by a person is transferred in his name within the period notified.
Detailed explanation-4: -191. Any amount of tax and surcharge paid under section 184 or penalty paid under section 185 in pursuance of a declaration made under section 183 shall not be refundable.