Undisclosed income declaration scheme: one-time programme imposes tax, surcharge and penalty, excludes declared income from assessments and bars refunds. The Income Declaration Scheme, 2016 permits voluntary declaration of undisclosed income subject to a one-time tax, an additional surcharge characterised as a cess, and a penalty; declared income is non-refundable and is excluded from total income and from affecting the finality of completed assessments, while assets specified in the declaration receive wealth-tax exemption.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Undisclosed income declaration scheme: one-time programme imposes tax, surcharge and penalty, excludes declared income from assessments and bars refunds.
The Income Declaration Scheme, 2016 permits voluntary declaration of undisclosed income subject to a one-time tax, an additional surcharge characterised as a cess, and a penalty; declared income is non-refundable and is excluded from total income and from affecting the finality of completed assessments, while assets specified in the declaration receive wealth-tax exemption.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
