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of <h1>Declare Undisclosed Income with the 2016 Scheme: Pay 45% Tax by Deadlines for Legal Protection.</h1> The Income Declaration Scheme, 2016, outlined in the Finance Act, 2016, allows individuals to declare undisclosed income and pay a total of 45% in tax, surcharge, and penalty. Applicable to income from any asset in India for assessment years before 2017-18, the scheme excludes cases with pending notices or proceedings, and certain legal restrictions apply. Declarations must be made by September 30, 2016, with payments due by November 30, 2016. Valid declarations ensure the income is not included in future assessments, with specific protections against penalties and legal proceedings. Invalid declarations arise from non-payment or misinformation.
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