Voluntary disclosure scheme requires specified tax, surcharge, penalty and a locked deposit to regularise undisclosed income. The circular explains a voluntary disclosure scheme permitting declaration of undisclosed cash or bank/post office account income chargeable to tax up to assessment years commencing on or before 1 April 2017. No deductions or set-offs are allowed against declared income. Declared taxpayers must pay tax at thirty per cent, a surcharge called Pradhan Mantri Garib Kalyan Cess calculated at thirty-three per cent of that tax, penalty at ten per cent, and deposit at least twenty-five per cent into the PMGKY Deposit Scheme (no interest, four-year lock-in); payments and deposit must accompany the declaration.