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of <h1>Income Declaration Scheme 2016: Declare Undisclosed Income with 45% Tax, Ensure Confidentiality, and Gain Tax Law Immunity.</h1> The Income Declaration Scheme, 2016, offers individuals a chance to declare undisclosed income and pay a total of 45% in taxes, surcharge, and penalty. The scheme ensures confidentiality, with no information shared with other law enforcement agencies. Immunity is provided under specific tax laws, but not under other economic laws. Queries addressed include valuation of properties, tax credits, and the non-requirement of source disclosure for declared income. The scheme is advantageous over declaring past income as current due to potential legal consequences and the need for source explanations. Specific examples clarify declaration amounts and conditions under the scheme.
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