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Exemption from wealth-tax in respect of assets specified in declaration

Clause 191 - Bills - THE INCOME DECLARATION SCHEME , 2016 - FINANCE BILL, 2016 - Clause 191 - 191. (1) Where the undisclosed income is represented by cash (including bank deposits), bullion, investment in shares or any other assets specified in the d .....

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h have not been shown in the return of net wealth furnished by him for the said assessment year or years; or (c) which have been understated in value in the return of net wealth furnished by him for the said assessment year or years, then, notwithsta .....

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ded in his net wealth for the said assessment year or years; (ii) the amount by which the value of the assets referred to in clause (c) has been understated in the return of net wealth for the said assessment year or years, to the extent such amount .....

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0 is made by a firm, the assets referred to in sub-clause (i) or, as the case may be, the amount referred to in sub-clause (ii) shall not be taken into account in computing the net wealth of any partner of the firm or, as the case may be, in determin .....

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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 .....

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