TaxTMI 
TaxTMI 
Income Declaration Scheme Rules, 2016
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....cts (Regulation) Act, 1956 (42 of 1956); (d) "registered valuer" means a person registered 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 suc....
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....-tax claimed as refund, if any, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto; (v) any amount representing provisions made for meeting liabilities, other than ascertained 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....
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....as on 31st day of March, 2016, which has been audited by the auditor of the company appointed under the Companies Act, 2013 (18 of 2013) and where the balance sheet as on 31st day of March, 2016 is not audited, the balance sheet (including the notes annexed thereto and forming part of the accounts) which has been approved and adopted in the annual general meeting of the shareholders 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 ....
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....nt (a) Whether individual, HUF, firm, company etc. (b) Whether Resident/Non-Resident/Not ordinarily resident 5. Details relating to assessment years for which the declaration is being made: Assessment year (1) Whether return of income filed (Yes/No) (2) If column (2) is Yes, furnish the income returned/ assessed (3) Assessing Officer (ward/ circle) if return filed in paper form (4) 6. Statement of undisclosed income 7. Total amount of declaration of undisclosed 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 decla....
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....ssessment year relevant to any previous year prior to such previous year has not been received and the time for issuance of such notice has not expired. (i) the undisclosed income declared in the form of investment in benami property and existing in the name of benamidar shall be transferred in the name of the real owner on or before 30th September, 2017, failing which immunity under Benami Transactions (Prohibition) Act, 1988 shall not be available. I further declare that I am making this declaration in my capacity as and that I am competent to make this declaration and verify it. (Designation) Place. Date.. *Score out 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) ab....
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....ld (ii) (iii) Cost of acquisition (iv) Date(s) of acquisition (v) Value as determined under Rule 3(1)(c)(III)(ii) (vi) Fair Market value as per Rule 3 5. Any other asset (i) Description of asset (ii) Name(s) under which held (iii) Cost of acquisition/ investment (iv) Date of acquisition/investment (v) Value as determined under Rule 3(1)(g)(II) (vi) Fair market value as per Rule 3 6. Total value of all the assets declared 7. 8. 9. Deduction as per rule 4 of the Income Declaration Scheme Rules, 2016 (where part of asset acquired from income already assessed under the Income-tax Act) (to be provided in respect of each asset separately) Deduction on account of investment made in the asset during the previous year relevant to the assessment year for which a notice u/s 142/143(2)/148/153A/153C of the Income-tax Act is issued Total undisclosed income declared 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....