The Income Declaration Scheme 2016 for domestic black money to open from 1st June 2016.
Ministry of Finance-Press Release dated 14/05/2016
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 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 made latest by30th November, 2016. Declarations can be filed online or with the jurisdictional Pr. Commissioners of Income-tax across the country.
The full text of the Scheme is available on the departmental website www.incometaxindia.gov.in for viewing. The relevant rules and forms for the same are to be notified shortly.
----------- Similar Posts: -----------Mere technical mistake made by assessee while filing up return cannot be a ground of disallowing the claim when such…
Denial of Capital gain deduction u/s 54B for agricultural land purchased in the name of wife Supreme Court stays High…
CIT(A) was justified in considering surrounding circumstances, the normal human conduct of a prudent investor, the probabilities to judge creditworthiness…
High Court frowns at Provisional attachment orders passed u/s 83(1) GST lifted only their illegality being questioned In a recent…
In Faceless assessment grant of opportunity of personal hearing is not optional at discretion of the Assessing Officer its waiver…
CBDT Guidelines for compulsory selection of return for compulsory scrutiny during FY 2024-25 CBDT Guidelines for compulsory selection of…