Undisclosed Income Declaration Ineligibility: No Section 197(c) Consequences, But Income Tax Assessment Still Possible.
If a declaration of undisclosed income is made under the Scheme and is later found ineligible due to reasons specified in section 196 of the Finance Act, 2016, the individual will not face consequences under section 197(c) of the same Act. However, this undisclosed income may still be assessed under the regular provisions of the Income-tax Act, 1961.
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