https://www.taxtmi.com/acts?id=20585 The Income Declaration Scheme, 2016 provides for declaration of undisclosed income with a prescribed tax rate, a surcharge as Krishi Kalyan Cess, and a penalty; declared income is not included in total income, is not refundable, and specified assets declared are exempt from wealth-tax. The Central Government has a power to remove difficulties by order, subject to a time limit and the requirement to lay every such order before each House of Parliament, and the Central Board of Direct Taxes may make rules with Central Government approval to implement the Scheme. en-us Mon, 29 Feb 2016 18:16:49 +0530 Mon, 29 Feb 2016 18:16:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=20585 The Income Declaration Scheme, 2016 provides for declaration of undisclosed income with a prescribed tax rate, a surcharge as Krishi Kalyan Cess, and a penalty; declared income is not included in total income, is not refundable, and specified assets declared are exempt from wealth-tax. The Central Government has a power to remove difficulties by order, subject to a time limit and the requirement to lay every such order before each House of Parliament, and the Central Board of Direct Taxes may make rules with Central Government approval to implement the Scheme. Act-Rules Bill Mon, 29 Feb 2016 18:16:49 +0530 https://www.taxtmi.com/acts?id=20585