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of <h1>Finance Bill 2016: Clause 191 Exempts Certain Assets from Wealth-Tax Under Income Declaration Scheme, Conditional on Section 184 Compliance</h1> Clause 191 of the Finance Bill, 2016, under the Income Declaration Scheme, 2016, exempts certain assets from wealth-tax if they are specified in a declaration under section 180. This applies to undisclosed income represented by cash, bullion, shares, or other assets not reported or undervalued in wealth tax returns for assessment years up to April 1, 2015. The exemption is conditional on fulfilling requirements in section 184. For firms, the assets or understated amounts are excluded from partners' net wealth calculations. The scheme, effective from June 1, 2016, includes a 30% tax, a 25% surcharge, and a 25% penalty on declared undisclosed income.
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