- The Government of India has come up with a scheme called Income Declaration Scheme 2016. The scheme has been introduced to collect the revenue and at the same time provide an opportunity to the people who have failed to disclose their income or assets to declare their income and get the relief.
- The scheme is open from 1st June 2016 and up to 30th September 2016.
- The scheme is for all those persons who have not paid taxes in past to come forward and declare their income.
They need to pay: -
(a)Tax at the rate of thirty per cent of such undisclosed income.
(b)The amount of tax chargeable under (a) shall be increased by a surcharge, to be called the Krishi Kalyan Cess on tax calculated at the rate of twenty-five per cent of such tax.
(c)Penalty: - In addition to tax and surcharge, penalty at the rate of twenty-five per cent of such tax will also be charged.
- Applicability: -
This scheme shall be applicable for : -
a. any income or;
b. any income in form of any investment in the asset located in India;
c. and acquired out of income chargeable to tax in India under the Income Tax Act;
d. for any assessment year;
e. prior to assessment year 2017-18.
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