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of <h1>Income Declaration Scheme 2016 Excludes Individuals Facing Prosecution or Investigations; Imposes 30% Tax, 25% Surcharge and Penalty</h1> The Income Declaration Scheme, 2016, outlined in the Finance Bill, 2016, excludes certain individuals from participation. These include those detained under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, individuals facing prosecution under specific penal codes, and those with undisclosed foreign income taxable under the Black Money Act. Additionally, it excludes persons with undisclosed income subject to pending assessments or investigations under the Income-tax Act. The scheme, operational from June 1, 2016, imposes a 30% tax, a 25% surcharge, and a 25% penalty on declared undisclosed income, with specific procedural guidelines and exemptions from wealth tax.
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