https://www.taxtmi.com/circulars?id=54540 The Scheme permits voluntary disclosure of undisclosed income by paying prescribed tax, surcharge and penalty; declared fair market value of assets as on the valuation date is treated as the cost of acquisition for capital gains and holding period begins from that date. Part assessed assets are apportioned pro rata to determine undisclosed income. Declarations are barred for assessment years with pending specified notices or certain search/survey operations, exclude income from offences like corruption, are confidential, and require Form 1 disclosure about service of notices; valuation reports need not be filed but must be maintained. en-us Fri, 20 May 2016 00:00:00 +0530 Fri, 20 May 2016 17:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=54540 The Scheme permits voluntary disclosure of undisclosed income by paying prescribed tax, surcharge and penalty; declared fair market value of assets as on the valuation date is treated as the cost of acquisition for capital gains and holding period begins from that date. Part assessed assets are apportioned pro rata to determine undisclosed income. Declarations are barred for assessment years with pending specified notices or certain search/survey operations, exclude income from offences like corruption, are confidential, and require Form 1 disclosure about service of notices; valuation reports need not be filed but must be maintained. Circulars Income Tax Fri, 20 May 2016 00:00:00 +0530 https://www.taxtmi.com/circulars?id=54540