https://www.taxtmi.com/news?id=16914 The Income Declaration Scheme, 2016 requires declarants to disclose undisclosed income and to pay tax, surcharge and penalty in three instalments, with the first instalment due on the notified date; provisional participation and disclosed quantum are reported but final revenue realisation depends on instalment payments. The Scheme is accompanied by statutory and administrative measures including stronger concealment penalties for undisclosed foreign assets, attachment and confiscation powers via money-laundering amendments, Benami property confiscation and prosecution, expanded information-exchange arrangements and IT-driven compliance initiatives. en-us Tue, 22 Nov 2016 18:26:18 +0530 Tue, 22 Nov 2016 18:26:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16914 The Income Declaration Scheme, 2016 requires declarants to disclose undisclosed income and to pay tax, surcharge and penalty in three instalments, with the first instalment due on the notified date; provisional participation and disclosed quantum are reported but final revenue realisation depends on instalment payments. The Scheme is accompanied by statutory and administrative measures including stronger concealment penalties for undisclosed foreign assets, attachment and confiscation powers via money-laundering amendments, Benami property confiscation and prosecution, expanded information-exchange arrangements and IT-driven compliance initiatives. News - Tue, 22 Nov 2016 18:26:18 +0530 https://www.taxtmi.com/news?id=16914