https://www.taxtmi.com/news?id=16585 The Income Declaration Scheme, 2016 permits declarations of undisclosed income and assets with an instalment payment schedule and prescribed valuation methods; declarations are confidential and shall not be shared or used to initiate enquiries, with electronic filings kept from jurisdictional tax officers. Valuation is by cost or fair market value determined by a registered valuer (with an alternative stamp-duty based option for immovable property); credit for unclaimed TDS is permitted; fictitious liabilities in audited accounts may be disclosed; valuation reports are to be accepted while valuers remain accountable; and transfers of declared benami property to the declarant without consideration attract no capital gains tax or TDS. en-us Mon, 05 Sep 2016 17:21:33 +0530 Mon, 05 Sep 2016 17:21:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16585 The Income Declaration Scheme, 2016 permits declarations of undisclosed income and assets with an instalment payment schedule and prescribed valuation methods; declarations are confidential and shall not be shared or used to initiate enquiries, with electronic filings kept from jurisdictional tax officers. Valuation is by cost or fair market value determined by a registered valuer (with an alternative stamp-duty based option for immovable property); credit for unclaimed TDS is permitted; fictitious liabilities in audited accounts may be disclosed; valuation reports are to be accepted while valuers remain accountable; and transfers of declared benami property to the declarant without consideration attract no capital gains tax or TDS. News - Mon, 05 Sep 2016 17:21:33 +0530 https://www.taxtmi.com/news?id=16585