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of <h1>Income Declaration Scheme 2016: Declare undisclosed income with 30% tax, 25% surcharge, 25% penalty, and avoid benami status.</h1> The Income Declaration Scheme, 2016, as outlined in the Finance Bill, 2016, allows individuals to declare undisclosed income without it being treated as a benami transaction, provided the asset is transferred to the declarant or their legal representative within a specified period. The scheme, operational from June 1, 2016, includes a 30% tax on declared income, a 25% surcharge as Krishi Kalyan Cess, and a 25% penalty. It ensures that declared income is excluded from total income assessments and grants wealth-tax exemptions for specified assets. The Central Government and Central Board of Direct Taxes hold powers to implement and regulate the scheme.
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