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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2016 Chapters List Chapter IX THE INCOME DECLARATION SCHEME , 2016 This

Clause 179 - Definitions - FINANCE BILL, 2016

FINANCE BILL, 2016
Chapter IX
THE INCOME DECLARATION SCHEME , 2016
  • Contents

Definitions

179. In this Scheme, unless the context otherwise requires,––

(a) “declarant” means a person making the declaration under sub-section (1) of section 180;

(b) “Income-tax Act” means the Income-tax Act, 1961 (43 of 1961);

(c) all other words and expressions used herein but not defined and defined in the Income-tax Act shall have the meanings respectively assigned to them in that Act.

 



 

Notes on Clauses:

Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme, inter alia, provides for declaration of undisclosed income by any person. The scheme shall be in operation from the 1st day of June, 2016 till a date to be notified by the Central Government in the Official Gazette. The proposed Chapter, inter alia, provides for levying a tax of thirty per cent. on the undisclosed income declared in the scheme, a surcharge at the rate of twenty-five per cent. of such tax as Krishi Kalyan Cess; and penalty at the rate of twenty-five per cent. of tax; procedure and manner of filing the declaration under the said Scheme; undisclosed income declared under the said Scheme not be included in the total income or affect finality of completed assessments; income declared under the said Scheme shall not be refundable; exemption from wealth-tax in respect of assets specified in declaration; power to remove difficulty by the Central Government; and power of Central Board of Direct Taxes with the approval of the Central Government to make rules for the purposes of the said Scheme. 

 
 
 
 

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