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EXPLANATORY NOTES ON PROVISIONS OF THE INCOME DECLARATION SCHEME 2016 AS PROVIDED IN CHAPTER IX OF THE FINANCE ACT 2016

Income Tax - 16/2016 - Dated:- 20-5-2016 - Circular No. 16 of 2016 F.No.370142/8/2016-TPL GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES (TPL DIVISION) Dated: 20th May, 2016 Introduction The Income Declaration Scheme, 2016 (referred to here as 'the Scheme') is contained in the Finance Act, 2016, which received the assent of the President on the 14th of May 2016. 2. The Scheme provides an opportunity to persons who have paid not full taxes in t .....

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er failed to furnish a return under section 139 of the Income-tax Act, or failed to disclose such income in a return furnished before the date of commencement of the Scheme, or such income had escaped assessment by reason of the omission or failure on the part of such person to make a return under the Income-tax Act or to disclose fully and truly all material facts necessary for the assessment or otherwise. Where the income chargeable to tax is declared in the form of investment in any asset, th .....

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ent of such tax. Therefore, the declarant would be liable to pay a total of 45 percent of the value of the undisclosed income declared by him. This special rate of tax, surcharge and penalty specified in the Scheme will override any rate or rates specified under the provisions of the Income-tax Act or the annual Finance Acts. Time limits for declaration and making payment 5. A declaration under the Scheme can be made anytime on or after 1st June, 2016 but before a date to be notified by the Cent .....

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orm-2 to the declarant within 15 days from the end of the month in which the declaration under Form-1 is made. The declarant shall not be liable for any adverse consequences under the Scheme in respect of, any income which has been duly declared but has been found ineligible for declaration. However, such information may be used under the provisions of the Income-tax Act. The declarant shall furnish proof of payment made in respect of tax, surcharge and penalty to the jurisdictional Principal CI .....

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nt Declaration to be signed by 1. Individual Individual; where individual is absent from India, person authorized by him; where the individual is mentally incapacitated, his guardian or other person competent to act on his behalf. 2. HUF Karta; where the karta is absent from India or is mentally incapacitated from attending to his affairs, by any other adult member of the HUF 3. Company Managing Director; where for any unavoidable reason the managing director is not able to sign or there is no m .....

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l signature of the declarant or through electronic verification code or in paper form before the jurisdictional Principal CIT/CIT. Declaration not eligible in certain cases 7. As per the provisions of the Scheme, no declaration can be made in respect of any undisclosed income chargeable to tax under the Income-tax Act for assessment year 2016-17 or any earlier assessment year in the following cases- (i) where a notice under section 142 or section 143(2) or section 148 or section 153A or section .....

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by him on or before 31st May, 2016. (ii) where a search has been conducted under section 132 or requisition has been made under section 132A or a survey has been carried out under section 133A of the Income-tax Act in a previous year and the time for issuance of a notice under section 143 (2) or section 153A or section 153C for the relevant assessment year has not expired. In the form of declaration (Form 1) the declarant will also verify that these facts do not prevail in his case. (iii) cases .....

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ation under the Scheme. A person notified under section 3 of the Special Court (Trial of Offences Relating to Transactions in Securities) Act or a person in respect of whom an order of detention has been made under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, subject to the conditions specified in the Scheme, shall also not be eligible for making a declaration under the Scheme. Circumstances where declaration shall be invalid 8. In the following situations, a .....

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