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of <h1>Income Declaration Scheme 2016: Benefits Exclusive to Declarant; Unpaid Taxes Trigger Income-tax Act Provisions</h1> Clause 194 of the Income Declaration Scheme, 2016, clarifies that benefits or immunities under the scheme apply solely to the declarant. If taxes, surcharges, and penalties under sections 181 and 182 are unpaid within the specified time, the undisclosed income is taxable under the Income-tax Act in the year of declaration. Income or assets acquired before the scheme's commencement, if undeclared, will be deemed accrued or acquired in the year a notice is issued under relevant sections of the Income-tax Act. The scheme, effective from June 1, 2016, imposes a 30% tax, a 25% surcharge, and a 25% penalty on declared undisclosed income.
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