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of <h1>Income Declaration Scheme 2016: Clause 186 bars reopening assessments; 30% tax, 25% surcharge, and penalty apply.</h1> Clause 186 of the Income Declaration Scheme, 2016, as outlined in the Finance Bill, 2016, states that individuals declaring undisclosed income under the scheme cannot reopen completed assessments or reassessments under the Income-tax Act or the Wealth-tax Act, 1957. The scheme, active from June 1, 2016, imposes a 30% tax on declared undisclosed income, a 25% surcharge as Krishi Kalyan Cess, and a 25% penalty. It specifies that declared income will not affect completed assessments, is non-refundable, and exempts specified assets from wealth tax. The Central Government has the authority to resolve difficulties and enact rules for the scheme.
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