If a declaration of undisclosed income is made under the Scheme and the same was found ineligible due to the reasons listed in section 196 of the Finance Act, 2016, then will the person be liable for consequences under section 197(c) of the Finance Act, 2?
FAQs on the Income Declaration Scheme, 2016
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Undisclosed income eligibility: ineligible declarations under the scheme avoid the special penalty provision but remain assessable under normal tax law. Declarations of undisclosed income under the Income Declaration Scheme found ineligible due to disqualifying grounds are not subject to the scheme's ... Summary
Undisclosed income eligibility: ineligible declarations under the scheme avoid the special penalty provision but remain assessable under normal tax law.
Declarations of undisclosed income under the Income Declaration Scheme found ineligible due to disqualifying grounds are not subject to the scheme's specific penalty provision, but such income may be assessed under the normal provisions of the Income-tax Act.
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