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of <h1>Clause 180: Declare Undisclosed Income Before April 1, 2017, Under Income Declaration Scheme 2016. 30% Tax + Additional Charges.</h1> Clause 180 of the Income Declaration Scheme, 2016, allows individuals to declare undisclosed income for assessment years before April 1, 2017. This applies to income not reported under section 139 of the Income-tax Act, not disclosed in prior returns, or omitted from assessment due to non-disclosure of material facts. The fair market value of assets representing such income is considered undisclosed income. No deductions are permitted against this income. The scheme, effective from June 1, 2016, imposes a 30% tax, a 25% surcharge as Krishi Kalyan Cess, and a 25% penalty on declared income, with specific procedural rules and exemptions.
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