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The Income Declaration Scheme 2016 to open from 1st June 2016.

News and Press Release - Dated:- 15-5-2016 - The Income Declaration Scheme, 2016 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 dec .....

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totalling to 45% of the income declared under the scheme. The scheme shall remain in force for a period of 4 months from 1st June, 2016 to 30th September, 2016 for filing of declarations and payments towards taxes, surcharge & penalty must be ma .....

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ertaining to Financial Year 2015-16 or earlier. Where the declaration is in the form of investment in assets, the Fair Market Value of such asset as on 1st June 2016 shall be deemed to be the undisclosed income under the Scheme. However, foreign asse .....

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