Full payment requirement under Income Declaration Scheme: declarations valid only if tax, surcharge and penalty are timely paid and compliant. Declarations under the Income Declaration Scheme, 2016 are valid only when full payment of tax, surcharge and penalty on the undisclosed income is made by the specified date; part payment invalidates the entire declaration. The Scheme applies to residents and non residents but excludes persons with pending Settlement Commission proceedings or for assessment years where specified assessment notices were issued by the cut off; notices issued after the cut off may be closed if a valid declaration is paid and Form 4 is furnished. PAN is mandatory; valuation reports must be obtained though not necessarily attached to Form 1.
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Provisions expressly mentioned in the judgment/order text.
Full payment requirement under Income Declaration Scheme: declarations valid only if tax, surcharge and penalty are timely paid and compliant.
Declarations under the Income Declaration Scheme, 2016 are valid only when full payment of tax, surcharge and penalty on the undisclosed income is made by the specified date; part payment invalidates the entire declaration. The Scheme applies to residents and non residents but excludes persons with pending Settlement Commission proceedings or for assessment years where specified assessment notices were issued by the cut off; notices issued after the cut off may be closed if a valid declaration is paid and Form 4 is furnished. PAN is mandatory; valuation reports must be obtained though not necessarily attached to Form 1.
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