https://www.taxtmi.com/circulars?id=54539 The Income Declaration Scheme, 2016 permits voluntary disclosure of undisclosed income or income invested in Indian assets for years before 2017 18, subject to a consolidated levy equal to forty five percent of the undisclosed income. Declarations must be made in prescribed Form 1 by authorised signatories, with asset disclosures valued at fair market value as of 1 June 2016. The Scheme lists ineligibility where specific notices, searches, surveys, certain statutory Acts or criminal proceedings are implicated, prescribes acknowledgements and payment procedures, and sets out that valid declarations exclude the disclosed amount from income and bar admissibility in prosecution and penalty proceedings. en-us Fri, 20 May 2016 00:00:00 +0530 Fri, 20 May 2016 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=54539 The Income Declaration Scheme, 2016 permits voluntary disclosure of undisclosed income or income invested in Indian assets for years before 2017 18, subject to a consolidated levy equal to forty five percent of the undisclosed income. Declarations must be made in prescribed Form 1 by authorised signatories, with asset disclosures valued at fair market value as of 1 June 2016. The Scheme lists ineligibility where specific notices, searches, surveys, certain statutory Acts or criminal proceedings are implicated, prescribes acknowledgements and payment procedures, and sets out that valid declarations exclude the disclosed amount from income and bar admissibility in prosecution and penalty proceedings. Circulars Income Tax Fri, 20 May 2016 00:00:00 +0530 https://www.taxtmi.com/circulars?id=54539