https://www.taxtmi.com/news?id=16183 The Income Declaration Scheme, 2016 allows persons to declare undisclosed income or asset investments for taxation under Chapter IX, with declared amounts taxed at prescribed rates plus cess and penalty. Declarations filed within the scheme window may be made online or with principal Commissioners; asset declarations use fair market value as on the scheme start date, while foreign assets under the Black Money Act are excluded. Declared assets are exempt from wealth tax and declarations attract immunity from scrutiny and prosecution under specified laws, subject to compliance conditions and transfer requirements; non payment or misrepresentation voids the declaration and triggers regular assessment and penalties. en-us Sun, 15 May 2016 21:12:39 +0530 Mon, 16 May 2016 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16183 The Income Declaration Scheme, 2016 allows persons to declare undisclosed income or asset investments for taxation under Chapter IX, with declared amounts taxed at prescribed rates plus cess and penalty. Declarations filed within the scheme window may be made online or with principal Commissioners; asset declarations use fair market value as on the scheme start date, while foreign assets under the Black Money Act are excluded. Declared assets are exempt from wealth tax and declarations attract immunity from scrutiny and prosecution under specified laws, subject to compliance conditions and transfer requirements; non payment or misrepresentation voids the declaration and triggers regular assessment and penalties. News - Sun, 15 May 2016 21:12:39 +0530 https://www.taxtmi.com/news?id=16183