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of <h1>Declare Undisclosed Income Under Income Declaration Scheme 2016; Section 139 Income-Tax Act Applies; No Deductions Allowed.</h1> Under the Income Declaration Scheme, 2016, individuals can declare undisclosed income for any assessment year prior to April 1, 2017. This applies to income not reported under section 139 of the Income-tax Act, income not disclosed in filed returns, or income that escaped assessment due to non-disclosure of material facts. If the undisclosed income is in the form of an asset, its fair market value at the Scheme's commencement is considered the income. The fair market value is determined as prescribed, and no deductions for expenses or allowances are permitted against the declared income.
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