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The Income Declaration Scheme will open today and will remain in force till 30th of September. The Scheme is part of Finance Act, 2016 and seeks to provide an opportunity to all persons who have not declared their income correctly in previous years to come forward and declare undisclosed incomes. AIR correspondent reports that the four month disclosure window will provide an opportunity to domestic black money holders to come clean by paying tax and penalty of 45 per cent on undisclosed assets.
People who have made money through corrupt means will not be allowed to take advantage of this scheme. Under the scheme, persons making disclosure of unaccounted assets will be given time up to 30th of November to pay taxes, penalty and surcharge totalling 45 per cent at the fair market value. The declarations can be filed online or with the jurisdictional Principal Commissioners of Income-tax across the country. Non declaration of undisclosed income will render such income liable to tax in the previous year in which it is detected by the Income tax Department alongwith other penal consequences.

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