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of <h1>Finance Bill 2019 amends Income Declaration Scheme 2016, easing tax payment terms and allowing refunds u/ss 187 & 191.</h1> The Finance Bill, 2019 proposes amendments to the Income Declaration Scheme, 2016, specifically sections 187 and 191 of the Finance Act, 2016. The amendments aim to address concerns of declarants by allowing the Central Government to notify certain individuals who can pay taxes, surcharges, and penalties after the due date, with an interest of one percent per month. Additionally, it allows for refunds of excess payments made under the Scheme. These changes are effective retrospectively from June 1, 2016, providing flexibility and relief to taxpayers who declared undisclosed income.
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