The Income Declaration Scheme 2016 to commence from 1st June 2016
New Delhi, May 16 (KNN) Giving an opportunity to all the persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s), the Income Declaration Scheme, 2016 will commence from 1st June from this year.
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 will remain in force for a period of four months and the declarations can be filed online.
However, foreign assets or income to which the Black Money Act 2015 applies, are not eligible for declaration under this scheme, according to a release issued by the IT Department.
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 shall be undertaken in respect of such declarations, the release added. (With PIB inputs)