Undisclosed income declaration: fixed tax, surcharge and penalty apply to declared sums under the scheme. The Income Declaration Scheme, 2016 imposes a specified tax on undisclosed income declared under the Scheme, a surcharge on that tax for Krishi Kalyan ... Summary
Undisclosed income declaration: fixed tax, surcharge and penalty apply to declared sums under the scheme.
The Income Declaration Scheme, 2016 imposes a specified tax on undisclosed income declared under the Scheme, a surcharge on that tax for Krishi Kalyan purposes, and a penalty calculated as a proportion of the tax, with the penalty payable in addition to tax and surcharge; declarations follow prescribed filing procedure, declared income is not included in total income for assessments and is not refundable.
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