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of <h1>Finance Bill 2016: Income Declaration Scheme Introduced for Undisclosed Income, 30% Tax Plus 25% Krishi Kalyan Cess</h1> Clause 181 of the Finance Bill, 2016, introduces the Income Declaration Scheme, 2016, allowing individuals to declare undisclosed income. This income is subject to a 30% tax, with an additional 25% surcharge called the Krishi Kalyan Cess, aimed at supporting farmers. The scheme operates from June 1, 2016, until a date specified by the Central Government. It includes provisions for filing declarations, ensures declared income is not included in total income, exempts declared assets from wealth tax, and grants the Central Government powers to address difficulties and enact rules.
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