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of <h1>Central Board Clarifies Income Declaration Scheme: Use Fair Market Value of Assets, Not Capital Gains, for Disclosure.</h1> The Income Declaration Scheme, 2016, addresses instances where taxpayers believe that if a capital asset acquired with undisclosed income is sold before June 1, 2016, and the proceeds are held in cash, the amount to be declared should include the capital gain from the sale. The Central Board of Direct Taxes clarifies that this method is incorrect. Instead, the fair market value of the asset as of June 1, 2016, should be considered the undisclosed income for the Scheme. Cash in hand is recognized as an asset under the Scheme. This instruction is to be communicated to relevant officers and stakeholders.
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