TMI BlogThe Income Declaration Scheme 2016 to open from 1st June 2016.X X X X Extracts X X X X X X X X Extracts X X X X ..... The Income Declaration Scheme 2016 to open from 1st June 2016. - News and Press Release Dated:- 15-5-2016 - News - The Income Declaration Scheme, 201 6 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s). Under the Scheme, such income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as declared by the eligible persons, would be taxed at the rate of 30% plus a Krishi Kalyan Cess of 25% on the taxes payable and a penalty at the rate of 25% of the taxes payable, thereby totalling to 45% of the income declared under the scheme. The scheme shall remain in force for a period of 4 months from 1 st June, 2016 to 30 th September, 2016 for filing of declarations and paymen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts towards taxes, surcharge penalty must be made latest by 30 th November, 2016. Declarations can be filed online or with the jurisdictional Pr. Commissioners of Income-tax across the country. The scheme shall apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to Financial Year 2015-16 or earlier. Where the declaration is in the fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm of investment in assets, the Fair Market Value of such asset as on 1 st June 2016 shall be deemed to be the undisclosed income under the Scheme. However, foreign assets or income to which the Black Money Act 2015 applies are not eligible for declaration under this scheme. Assets specified in the declaration shall be exempt from Wealth tax. No Scrutiny and enquiry under the Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act or the Wealth tax Act shall be undertaken in respect of such declarations. Immunity from prosecution under the Income-tax Act and Wealth Tax Act is also provided along with immunity from the Benami Transactions (Prohibition) Act, 1988 subject to transfer of asset to actual owner within the period specified in the Rules. Non-payment of total taxes, surcharge penalty in time or de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claration by misrepresentation or suppression of facts shall render the declaration void. The circumstances in which the Scheme shall not apply or where a person is held to be ineligible are specified in section 196 ( Chapter IX ) of the Finance Act, 2016 . Non declaration of undisclosed income under the Scheme, will render such undisclosed income liable to tax in the previous year in whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch it is detected by the Income tax Department. Other penal consequences will also follow accordingly. Chapter IX THE INCOME DECLARATION SCHEME , 2016 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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