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of <h1>Income Declaration Scheme 2016: Declare Undisclosed Income with 30% Tax, 25% Surcharge, and 25% Penalty</h1> The Income Declaration Scheme, 2016, introduced in the Finance Bill, 2016, allows individuals to declare undisclosed income. It applies provisions from the Income-tax Act and Chapter V of the Wealth-tax Act to these declarations. The scheme operates from June 1, 2016, until a date specified by the Central Government. It imposes a 30% tax on declared income, a 25% surcharge as Krishi Kalyan Cess, and a 25% penalty on the tax. Declared income is exempt from wealth tax and not included in total income or past assessments. The Central Government can address difficulties and the Central Board of Direct Taxes can make rules.
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