Income Declaration Scheme enables voluntary disclosure of undisclosed income with tax and immunity, subject to eligibility limits and exclusions. The Scheme permits voluntary disclosure of undisclosed income by paying prescribed tax, surcharge and penalty; declared fair market value of assets as on the valuation date is treated as the cost of acquisition for capital gains and holding period begins from that date. Part assessed assets are apportioned pro rata to determine undisclosed income. Declarations are barred for assessment years with pending specified notices or certain search/survey operations, exclude income from offences like corruption, are confidential, and require Form 1 disclosure about service of notices; valuation reports need not be filed but must be maintained.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Income Declaration Scheme enables voluntary disclosure of undisclosed income with tax and immunity, subject to eligibility limits and exclusions.
The Scheme permits voluntary disclosure of undisclosed income by paying prescribed tax, surcharge and penalty; declared fair market value of assets as on the valuation date is treated as the cost of acquisition for capital gains and holding period begins from that date. Part assessed assets are apportioned pro rata to determine undisclosed income. Declarations are barred for assessment years with pending specified notices or certain search/survey operations, exclude income from offences like corruption, are confidential, and require Form 1 disclosure about service of notices; valuation reports need not be filed but must be maintained.
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