<h1>New Scheme Allows Taxpayers to Declare Undisclosed Income at 45% Tax Rate with Immunity Benefits in 2016-17 Budget.</h1> The Union Finance Minister proposed a scheme allowing domestic taxpayers to declare undisclosed income by paying a 45% tax during a compliance window, as part of the 2016-17 budget. This includes a 30% tax, a 7.5% surcharge, and a 7.5% penalty. Declarants will receive immunity from prosecution under the Income Tax and Wealth Tax Acts, and conditional immunity from the Benami Transaction Act. The surcharge, named Krishi Kalyan, will support agriculture and rural development. The scheme will run from June 1 to September 30, 2016, with payments due within two months of declaration, aiming to combat black money.