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of <h1>Income Declaration Scheme 2016: 25% Penalty on Undisclosed Income Under Clause 182, Plus Tax and Surcharge</h1> Clause 182 of the Income Declaration Scheme, 2016, as part of the Finance Bill, 2016, mandates that individuals declaring undisclosed income are subject to a penalty of 25% of the tax, in addition to the tax and surcharge under section 181. The scheme, operational from June 1, 2016, includes a 30% tax on declared undisclosed income, a 25% surcharge as Krishi Kalyan Cess, and outlines the declaration procedure. It ensures declared income is not included in total income, is non-refundable, and provides wealth-tax exemption for specified assets. The Central Government holds the authority to address difficulties and establish rules.
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