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of <h1>Income Declaration Scheme 2016: Rules for Declaring Undisclosed Income and Assets, Valuation Methods, and Submission Process.</h1> The Income Declaration Scheme Rules, 2016, established under the Finance Act, 2016, outline procedures for declaring undisclosed income and assets. Effective from June 1, 2016, the rules define terms and determine fair market value for various assets, including bullion, jewelry, securities, and immovable property, using valuation reports from registered valuers. Declarations must be made using Form-1, submitted electronically or in print, to the relevant tax authorities. Acknowledgments and certificates are issued upon submission and payment of taxes, surcharges, and penalties. The scheme also specifies electronic verification processes and data security measures.
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