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of <h1>Income Declaration Scheme 2016: Pay Tax, Surcharge, Penalty by Deadline or Void Declaration under Clause 184</h1> Clause 184 of the Income Declaration Scheme, 2016, mandates that tax, surcharge, and penalty on undisclosed income must be paid by a date specified by the Central Government. Proof of payment must be submitted to the relevant tax authorities by this date. Failure to pay by the deadline results in the declaration being considered void. The scheme, effective from June 1, 2016, imposes a 30% tax on undisclosed income, a 25% surcharge as Krishi Kalyan Cess, and a 25% penalty. It ensures declared income is not included in total income and provides exemptions from wealth tax on specified assets.
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