Tax on undisclosed income: scheme imposes specified tax plus Krishi Kalyan Cess and penalty; declarations non-refundable.

Declared undisclosed income under the Income Declaration Scheme, 2016 is chargeable to a specified tax and an additional Krishi Kalyan Cess as a surcharge on that tax, with a further penalty on tax; the Scheme prescribes the declaration period, filing procedure, non inclusion in total income, non refundability of declared amounts, wealth tax exemption for declared assets, and confers powers on the Central Government and the Central Board of Direct Taxes to remove difficulties and make rules.

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