Clause 192 - Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act

Income declaration scheme establishes tax, surcharge, penalty, non refundability, and rulemaking for voluntary disclosure.

The Scheme applies special assessment and liability provisions of the Income tax and Wealth tax Acts to its proceedings and creates a framework for voluntary declarations of undisclosed income, prescribing tax, surcharge as Krishi Kalyan Cess, and penalty; it sets filing procedure, treats declared income as not forming part of total income or affecting finality of assessments, makes payments non refundable, exempts declared assets from wealth tax, and empowers the Central Government and the Central Board of Direct Taxes to remove difficulties and make rules for implementation.