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of <h1>Income Declaration Scheme 2016: Taxes on Voluntary Disclosures Non-Refundable; Includes 30% Tax, 25% Surcharge, and 25% Penalty.</h1> Under the Income Declaration Scheme, 2016, any tax, surcharge, or penalty paid on voluntarily disclosed income is non-refundable. The scheme, operational from June 1, 2016, allows individuals to declare undisclosed income, subject to a 30% tax, a 25% surcharge as Krishi Kalyan Cess, and a 25% penalty. The declared income is excluded from total income calculations and does not affect completed assessments. Additionally, assets specified in the declaration are exempt from wealth tax. The Central Government holds the authority to address difficulties and the Central Board of Direct Taxes can establish rules for the scheme.
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