https://www.taxtmi.com/article/detailed?id=7007 The Income Declaration Scheme, 2016 allows declarations for undisclosed income up to assessment year 2016-17 where returns were not filed, income was omitted from filed returns, or income escaped assessment; declared investments are valued at fair market value as of the Scheme's commencement and no deductions are permitted. Ongoing clarifications, required valuation work and overlapping return-filing deadlines for assessment year 2016-17 create practical difficulties, so the author recommends extending the Scheme's closing date or limiting eligibility to avoid confusion and align declaration timing with return-filing provisions. en-us Mon, 26 Sep 2016 10:12:29 +0530 Mon, 26 Sep 2016 10:12:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7007 The Income Declaration Scheme, 2016 allows declarations for undisclosed income up to assessment year 2016-17 where returns were not filed, income was omitted from filed returns, or income escaped assessment; declared investments are valued at fair market value as of the Scheme's commencement and no deductions are permitted. Ongoing clarifications, required valuation work and overlapping return-filing deadlines for assessment year 2016-17 create practical difficulties, so the author recommends extending the Scheme's closing date or limiting eligibility to avoid confusion and align declaration timing with return-filing provisions. Articles Income Tax Mon, 26 Sep 2016 10:12:29 +0530 https://www.taxtmi.com/article/detailed?id=7007