Clause 188 - Tax in respect of voluntarily disclosed income not refundable

Tax non refundability for voluntarily disclosed income under Income Declaration Scheme; levy, surcharge and penalty obligations remain binding.

The provision mandates that tax, surcharge and penalties paid under the Income Declaration Scheme, 2016 for voluntarily disclosed undisclosed income are not refundable, while the Scheme prescribes the tax, surcharge and penalty payable, excludes declared income from affecting total income or completed assessments, provides wealth tax exemption for declared assets, and confers rulemaking and difficulty removal powers on the Central Board of Direct Taxes and the Central Government.