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Clarifications on the Income Declaration Scheme 2016

Income Tax - 24/2016 - Dated:- 27-6-2016 - Circular No. 24 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated 27th of June, 2016 The Income Declaration Scheme, 2016 (hereinafter referred to as the Scheme ) incorporated as Chapter IX of the Finance Act, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge an .....

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t payment of the tax, surcharge and penalty payable on undisclosed income declared under the Scheme is made before 30.11.2016, then whether the entire declaration fails as per section 187(3) of the Finance Act, 2016 or pro-rata declaration on which tax, surcharge and penalty has been paid remains valid? Answer: In case of part payment, the entire declaration made under the Scheme shall be invalid. The declaration under the Scheme shall be valid only when the complete payment of tax, surcharge an .....

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LLP is no more into existence and the assets/liabilities of such erstwhile entities have been taken over by the amalgamated company/LLP, the declaration is to be made in the name of the amalgamated company or the LLP, as the case may be, for the year in which the amalgamation/conversion takes place. Question No.3: Whether the Scheme is open only to residents or to non-residents also? Answer: The Scheme is available to every person, whether resident or non-resident. Question No.4: If undisclosed .....

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ted in the form of investment in any asset then value of such asset shall be as if the asset has been acquired or made in the year in which the notice under section 148/ 153A /153C is issued and the value shall be determined in accordance with rule 3 of the Rules. Question No.5: Whether a person on whom a search has been conducted in April, 2016 but notice under section 153A is not served upto 31.05.2016, is eligible to declare undisclosed income under the Scheme? Answer: No, in such a case time .....

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the declaration made in Form-1. However, the jurisdictional Pr. Commissioner/ Commissioner in order to ascertain the correctness of the value of the asset quoted in Form-1 may require the declarant to file the valuation report before issuing the acknowledgment in Form-2. In such a circumstance, it will be necessary for the declarant to make the report available to the Pr. Commissioner/Commissioner. Question No.7: Is it mandatory to furnish PAN in the Form of declaration? Answer: Yes, PAN is the .....

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come and is regularly disclosed in return of income. Subsequently in the year 2014, a building is constructed on the said land and the construction cost is not disclosed by the assessee. What shall be the fair market value of such building for the purposes of the Scheme? Answer: Fair market value of land and building in such a case shall be computed in accordance with Rule 3(2) by allowing proportionate deduction in respect of asset acquired from assessed income. Question No.10: Whether cases wh .....

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