https://www.taxtmi.com/article/detailed?id=6741 The Income Declaration Scheme, 2016 allows voluntary disclosure of undisclosed income up to the assessment year ending 31 March 2016, treating fair market value on commencement as declared income where assets are involved, with no deductions permitted. Declarations must be made in prescribed form to specified authorities and paid together with a special tax, a scheme surcharge, and a penalty within the notified time; failure to pay renders the declaration void and permits reassessment. Paid declarations grant specified immunities including wealth tax exemption for disclosed assets and limited non admissibility in evidence, while specified persons and circumstances are excluded and misrepresentation voids a declaration. en-us Fri, 11 Mar 2016 11:08:22 +0530 Fri, 11 Mar 2016 11:08:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6741 The Income Declaration Scheme, 2016 allows voluntary disclosure of undisclosed income up to the assessment year ending 31 March 2016, treating fair market value on commencement as declared income where assets are involved, with no deductions permitted. Declarations must be made in prescribed form to specified authorities and paid together with a special tax, a scheme surcharge, and a penalty within the notified time; failure to pay renders the declaration void and permits reassessment. Paid declarations grant specified immunities including wealth tax exemption for disclosed assets and limited non admissibility in evidence, while specified persons and circumstances are excluded and misrepresentation voids a declaration. Articles Income Tax Fri, 11 Mar 2016 11:08:22 +0530 https://www.taxtmi.com/article/detailed?id=6741