The Income Declaration Scheme which seeks to provide an opportunity to all person who have not declared their income correctly in previous years to come forward and declare undisclosed incomes, will open today and will remain in force till 30th of September, 2016.
The Scheme is part of Finance Act, 2016 and will provide an opportunity to domestic black money holders to come clean by paying tax and penalty of 45 % on undisclosed assets. People who have made money through corrupt means will not be allowed to take advantage of this scheme. As per the scheme, the declarations can be filed online or with the jurisdictional Principal Commissioners of Income-tax across the country.
So let’s discuss some questions related to this post :
1. The Income Declaration Scheme which has opened its black money disclose window from today will remain in force till which date ?
2. Under the Income Declaration Scheme, black money holders can become clean by paying tax and penalty of how much % on undisclosed assets ?
Courtesy : Business Standard