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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 declare such undisclosed income(s). Under the Scheme, such income 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 .....

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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 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 Act or the Wealth tax Act sha .....

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