https://www.taxtmi.com/article/detailed?id=6728 The Income Declaration Scheme, 2016 provides a limited compliance window for declaring undisclosed income for assessment years prior to the assessment year beginning on 01.04.2017. Undisclosed income represented by assets is deemed equal to the asset's fair market value as on scheme commencement; no deductions are allowed. Declarations must be made to the Principal Commissioner or Commissioner in prescribed form, signed by specified representatives. Declared income is subject to a fixed tax rate, a surcharge on such tax, and a penalty; payment within the notified period is mandatory and failure renders the declaration void. en-us Sat, 05 Mar 2016 10:34:36 +0530 Sat, 05 Mar 2016 10:34:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6728 The Income Declaration Scheme, 2016 provides a limited compliance window for declaring undisclosed income for assessment years prior to the assessment year beginning on 01.04.2017. Undisclosed income represented by assets is deemed equal to the asset's fair market value as on scheme commencement; no deductions are allowed. Declarations must be made to the Principal Commissioner or Commissioner in prescribed form, signed by specified representatives. Declared income is subject to a fixed tax rate, a surcharge on such tax, and a penalty; payment within the notified period is mandatory and failure renders the declaration void. Articles Budget - Tax Proposals Sat, 05 Mar 2016 10:34:36 +0530 https://www.taxtmi.com/article/detailed?id=6728