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of <h1>Income Declaration Scheme 2016: 30% Tax on Undisclosed Income, Section 180 Rules Subject to Parliamentary Review</h1> The Income Declaration Scheme, 2016, as outlined in the Finance Bill, 2016, grants the Board the authority to formulate rules, subject to Central Government oversight, to implement the Scheme's provisions. These rules can dictate the form and verification process for declarations under section 180. Once made, rules must be presented to Parliament for a total of 30 days, allowing for potential modification or annulment by both Houses. The Scheme, effective from June 1, 2016, mandates a 30% tax on undisclosed income, with additional surcharges and penalties, and exempts declared income from wealth-tax and assessment impacts.
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