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of <h1>Taxation Laws Amendment Act 2016 creates voluntary disclosure scheme for undisclosed income with immunity provisions</h1> The Taxation Laws (Second Amendment) Act, 2016 amends the Finance Act, 2016 by modifying advance tax surcharge provisions and inserting a new chapter establishing the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. This scheme allows voluntary declaration of undisclosed income held as cash or bank deposits for assessment years up to April 2017. Declarants must pay 30% tax, 33% surcharge, 10% penalty, and deposit 25% of undisclosed income in a four-year lock-in scheme. The declared income won't be included in total income calculations and provides immunity from prosecution, except for certain specified offenses and individuals under detention orders.
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