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of <h1>Declare Undisclosed Income Under Income Declaration Scheme 2016; Pay 45% Tax by Nov 30. PAN Required.</h1> The Income Declaration Scheme, 2016 allows individuals to declare undisclosed income and pay a total of 45% in taxes, surcharge, and penalties. Full payment is required by November 30, 2016, for a valid declaration. Declarations must be made by the current entity in cases of amalgamation or conversion. The scheme is open to both residents and non-residents. It excludes individuals with pending proceedings before the Settlement Commission or those who received certain notices before May 31, 2016. PAN is mandatory for declarations, and valuation reports may be requested by tax authorities to verify asset values.
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