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of <h1>Income Declaration Scheme 2016: Declare Undisclosed Income, Pay 45% Tax, and Future Gains Based on June 2016 Value.</h1> The Income Declaration Scheme, 2016 allows individuals to declare previously undisclosed income by paying a total of 45% in taxes, surcharge, and penalty. The circular addresses common queries, clarifying that declarants will be liable for future capital gains on declared assets, with the cost of acquisition set at the fair market value as of June 1, 2016. The scheme excludes income under pending tax notices or acquired through corruption. It allows declarations for unassessed income from past searches or surveys. Declarations are confidential, and no valuation report is mandatory with the declaration, though it should be available.
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