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Charge of tax and surcharge

Clause 181 - Bills - THE INCOME DECLARATION SCHEME , 2016 - Bill - Clause 181 - 181. (1) Notwithstanding anything contained in the Income-tax Act or in any Finance Act, the undisclosed income declared under section 180 within the time specified there .....

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tax calculated at the rate of twenty-five per cent. of such tax so as to fulfil the commitment of the Government for the welfare of the farmers. Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 20 .....

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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. .....

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