TaxTMI 
TaxTMI 
Income Declaration Scheme Rules, 2016
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....as a valuer under section 34AB of the Wealth-tax Act, 1957 (27 of 1957); (e) "section" means a section of the Act. (2) Words and expressions used and not defined in these rules but defined in the Act, or the Income-tax Act, 1961 (43 of 1961) or the rules made thereunder, shall have the meanings respectively assigned to them in those Acts and rules. 3. Determination of Fair market value (1) The fair market value of the asset shall be determined in the following manner, namely:- (a) the value of bullion, jewellery or precious stone shall be the higher of- (I) its cost of acquisition; and (II) the price such bullion, jewellery or precious stone shall ordinarily fetch if sold in the open market as on the 1st day of June, 2016, on the basis of the valuation report obtained by the declarant from a registered valuer; (b) the valuation of archaeological collections, drawings, paintings, sculptures or any work of art (hereinafter referred to as artistic work) shall be the higher of- (I) its cost of acquisition; and (II) the price such artistic work shall ordinarily fetch if sold in the open market as on the 1st day of June, 2016 on the basis of the valuation report obtained b....
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.... liabilities; (vi) any amount representing contingent liabilities other than arrears of dividends payable in respect of cumulative preference shares; PE = total amount of paid up equity share capital as shown in the balance-sheet; PV= the paid up value of such equity share; (III) unquoted share and security other than equity share in a company shall be the higher of,- (i) its cost of acquisition; and (ii) the price that the share or security shall ordinarily fetch if sold in the open market on the 1st day of June, 2016, , on the basis of the valuation report obtained by the declarant from a registered valuer; (d) the fair market value of an immovable property shall be higher of- (I) its cost of acquisition; and (II) the price that the property shall ordinarily fetch if sold in the open market on the 1st day of June, 2016 on the basis of the valuation report obtained by the declarant from a registered valuer; (e) value of an interest of a person in a partnership firm or in an association of persons or a limited liability partnership of which he is a member shall be determined in the manner as specified in clause (f); (f) The net asset of the firm, association of....
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....ders of the company. (2) Where investment in any asset is partly from an income which has been assessed to tax prior to assessment year 2017-18, the fair market value of the asset determined in accordance with sub-rule (1) shall be reduced by an amount which bears to the value of the asset as on the 1st day of June, 2016, the same proportion as the assessed income bears to the total cost of the asset. 4. Declaration of income or income in the form of investment in any asset. (1) A declaration of income or income in the form of investment in any asset under section 183 shall be made in Form-1. (2) The declaration shall be furnished:- (a) electronically under digital signature; or (b) through transmission of data in the form electronically under electronic verification code; or (c) in print form, to the concerned Principal Commissioner or the Commissioner who has the jurisdiction over the declarant. (3) The Principal Commissioner or the Commissioner shall issue an acknowledgement in Form-2 to the declarant within fifteen days from the end of the month in which the declaration under section 183 has been furnished. (4) The proof of payment of tax, surcharge and penalty made....
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....ndisclosed income as per Annexure Rs... 8. Tax payable thereon (@ 30% of item 7) Rs. 9. Surcharge payable thereon (@ 25% of item 8) Rs.. 10. Penalty payable thereon (@25% of item 8) Rs.... 11. Tax paid, if any, on or before the date of declaration in respect of items 8, 9 or 10 above (Attach proof of payment and provide details below) SI BSR Code of Bank (1) (2) 12. Balance tax payable I (Full name in block letters) Date of Deposit (DD/MM/YYYY) (3) Rs. Serial Number of Challan Amount (Rs) (4) (5) VERIFICATION son/daughter/wife of Shri.. (name of father/husband) hereby solemnly declare that- (a) the information given in this declaration is correct and complete to the best of my knowledge and belief; (b) in addition to my own income in respect of the assessment year(s) for which the declaration is made, income of other persons in respect of which I am chargeable to tax and income accruing or arising from the assets held by me through any other person for which I had failed to furnish a return under section 139 of the Income-tax Act, 1961/which I had failed to disclose in a return of income furnished by me before the commencement of the Scheme/whi....
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....ut whichever is not applicable. (Signature) Annexure to Form 1 STATEMENT OF UNDISCLOSED INCOME Description of undisclosed income and income declared in the form of investment in assets (use separate sheet in case of multiple assets in the same category) I. Total undisclosed income S.No. Assessment year to which the Amount of undisclosed income undisclosed income pertains (in Rs.) Nature of undisclosed income Total (to be taken to item 7 of the Form) II. Whether any part of income referred in (I) above is in form of investment in asset Yes No III. If reply to (II) above is Yes, furnish description of undisclosed income declared in the form of investment in assets (Use separate sheet in case of multiple assets in the same category) 1. Immovable property (attach valuation report) (i) Nature of property (land/building/flat etc.) (ii) Address of the property (iii) Name(s) under which held (iv) Date of acquisition (v) (vi) Total acquisition cost Value as estimated by the registered valuer on 1st June, 2016 (vii) Fair Market value as per Rule 3 2. Jewellery (attach valuation report) (a) Gold (I) Purity Weight Value (II) Purity Weight Value (b) Diam....
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.... in the form of investment in asset (6-7-8) IV. (1) Whether the undisclosed income referred in (I) above had ever been credited in a bank account (2) If Yes, details of such bank accounts Place. Date..... NOTES: 1. Name and address of Bank IFSC Code Yes No Account holder name(s) Account Number Balance in the Account as on 01.06.2016 (if any) (Signature) (Name) If the total amount of tax, surcharge and penalty payable is not paid before 30th November 2016, the declaration will be treated as void and shall be deemed never to have been made. 2. If the declaration is made by misrepresentation or suppression of facts it shall be void and shall be deemed never to have been made. 3. 4. If space provided is insufficient, separate enclosure may be used for the purpose. In the last column of Table at Point (I) relating to nature of undisclosed income, specify the type of income viz. house property income, business income, professional income, commission income, interest income etc. ACKNOWLEDGEMENT OF DECLARATION UNDER SECTION 183 OF THE FINANCE ACT, 2016 IN RESPECT OF THE INCOME DECLARATION SCHEME, 2016 THE INCOME DECLARATION SCHEME RULES, 2016 Form 2 [See ....