Part A : DIRECT TAXES
2 Benign Assessment procedure for assesses
engaged in diamond manufacturing and/or trading : Instruction No. 2/2008 dated
22-2-2008.
In the last Budget, the Finance Minister had announced a
Benign Assessment procedure for assesses engaged in diamond manufacturing and/or
trading. The main features of the scheme are :
* assessment is pursuant to search, survey, requisition or seizure action
* 50% or more of such income is claimed as a deduction
* Where there is information of income being escaped