<h1>New Tax Scheme for Undisclosed Income: Pay 30% Tax, 33% Surcharge, 10% Penalty, Plus 25% Lock-in Deposit.</h1> The Taxation Laws (Second Amendment) Act, 2016, effective from December 15, 2016, introduced the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. This scheme, open from December 17, 2016, to March 31, 2017, allows declarations of undisclosed income in cash or deposits. It imposes a 30% tax, a 33% surcharge, and a 10% penalty, with a mandatory 25% deposit in a four-year lock-in, interest-free scheme. Declared income is exempt from being included in total income under the Income-tax Act but offers no immunity under certain criminal acts. Penalties for non-declaration and misreporting remain stringent.