As per the Scheme, declaration cannot be made where an undisclosed asset has been acquired during any previous year relevant to an assessment year for which a notice under section 142, 143(2), 148, 153A or 153C of the Income-tax Act has been issued.
FAQs on the Income Declaration Scheme, 2016
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Declaration ineligibility for undisclosed assets where specified income tax notices exist; declarant must file Form 1 reporting notice. The Scheme bars declaration where undisclosed income or assets were acquired in any prior year relevant to an assessment year for which a notice under ... Summary
Declaration ineligibility for undisclosed assets where specified income tax notices exist; declarant must file Form 1 reporting notice.
The Scheme bars declaration where undisclosed income or assets were acquired in any prior year relevant to an assessment year for which a notice under specified income tax notice provisions has been issued and served on or before 31 May 2016, and requires the declarant to disclose receipt of any such notice in Form 1.
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