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Rules under Income Declaration Scheme 2016 providing an option to the declarant the fair market value of immoveable property acquired through Registered Deed amended; Fifth set of Frequently Asked Questions (FAQs) providing clarification on various issues under the Income Declaration Scheme 2016 also issued

News and Press Release - Dated:- 19-8-2016 - The Income Declaration Scheme, 2016 (the Scheme) provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. Income Declaration Scheme Rules, 2016 (the Rules) were notified on 19.5.2016. Representations have been received from various stakeholders to provide an option to value the immoveable property on the basis of the registered value. After due consideration of the rep .....

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x Department i.e., www.incometaxindia.gov.in. Some of the important issues clarified therein are as under: (i) Where loans, creditors, advances received, share capital, payables etc. are disclosed in the audited balance sheet but are fictitious in nature and cannot be directly linked to acquisition of a particular asset, then such fictitious liabilities can be disclosed under the Scheme as such without linking the same with the investment in any specific asset. (ii) The income declared under the .....

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