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of <h1>Finance Bill 2016 Unveils Income Declaration Scheme with 30% Tax, 25% Surcharge, and 25% Penalty</h1> Clauses 178 to 196 of the Finance Bill, 2016 introduce the Income Declaration Scheme, 2016, allowing individuals to declare undisclosed income. 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. The scheme outlines the declaration process, ensures declared income is excluded from total income, and exempts specified assets from wealth tax. It grants the Central Government authority to resolve difficulties and allows the Central Board of Direct Taxes to establish rules with government approval.
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