Clause 196 - Power to make rules

Income declaration scheme enables regularisation of undisclosed income subject to prescribed tax, surcharge, penalty, and procedural rules.

Income Declaration Scheme, 2016 permits declaration of undisclosed income within a notified period and prescribes a specific tax, a statutory surcharge as Krishi Kalyan Cess, and a penalty on such declared income; it sets filing and verification procedures, declares such income non refundable and not to be included in total income or to affect completed assessments, grants wealth tax exemption for declared assets, empowers the Central Government to remove difficulties, and vests rulemaking authority in the Central Board of Direct Taxes subject to Central Government control and parliamentary scrutiny.