<h1>Income Declaration Scheme Highlights: Tax Implications and Penalties u/ss 115BBE, 270A-271AAC Post-Demonetization in India.</h1> Following the demonetization in India, the Income Declaration Scheme outlined key provisions under the Income Tax Act, 1961, relevant for declaring undisclosed income. These include sections on cash credits, unexplained investments, and unexplained money, with specific tax implications under Section 115BBE. Penalties for under-reporting or misreporting income are detailed in Sections 270A to 271AAC, with certain immunities and procedures outlined. The Pradhan Mantri Garib Kalyan Yojana, 2016, and the Benami Transactions (Prohibition) Act, 1988, also play significant roles in regulating undisclosed income and property transactions post-demonetization.