The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Bill 2016 and The Direct Tax Dispute Resolution Scheme 2016 incorporated as Chapter X of the Finance Bill 2016 are expected to come into force on the 1st of June, 2016 after the Finance Act 2016 receives the Presidential assent.

The complete text of the two Schemes is available on the website of the Ministry of Finance as part of the Finance Bill 2016. The stake holders and general public are requested to bring-out issues/points which in their opinion would require further clarification/guidance. These issues/points may be submitted by 25th May, 2016 at the email address [email protected] or by post at the following address:

Commissioner of Income Tax,Media & Technical Policy,Official Spokesperson,Central Board of Direct Taxes,Room No.151,North Block, New Delhi-110001.

The envelopes should be marked with “The Income Declaration Scheme 2016” or “The Direct Tax Dispute Resolution Scheme 2016”.

Income Declaration Scheme invites stakeholder submissions for clarification ahead of implementation following publication of scheme texts. The notice announces the Income Declaration Scheme and the Direct Tax Dispute Resolution Scheme as incorporated in the Finance Bill, indicates their expected commencement upon enactment, states that the complete texts are published as part of the Bill, and establishes a public consultation process inviting stakeholders to submit issues for clarification by specified channels and with required envelope marking prior to implementation.