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of <h1>Income Declaration Scheme 2016: Declare Undisclosed Income with 30% Tax, 25% Surcharge, 25% Penalty.</h1> The Income Declaration Scheme, 2016, introduced in the Finance Bill, 2016, allows individuals to declare undisclosed income, which will not be included in their total income for any assessment year under the Income-tax Act, provided they pay the specified tax, surcharge, and penalty by the deadline. The scheme, effective from June 1, 2016, imposes a 30% tax on declared income, a 25% surcharge as Krishi Kalyan Cess, and a 25% penalty. It also outlines the declaration process, ensures declared income does not affect completed assessments, and exempts specified assets from wealth tax. The Central Government and the Central Board of Direct Taxes have powers to address difficulties and make rules for the scheme.
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