Income Declaration Scheme for domestic black money to commence from June 01

imagesNEW delhi: The ‘Income Declaration Scheme’ or four month window for declaration of domestic black money will commence from 1st of next month.It will remain in force till 30th of September.

In a statement, Finance Ministry said, declarations can be filed online or with the Principal Commissioners of Income-tax. It said, surcharge and penalty must be made latest by 30th November, 2016.
Assets specified in the declaration will be exempted from Wealth tax. Non-payment of total taxes, surcharge and penalty in time or declaration by misrepresentation or suppression of facts shall render the declaration void. It also said, other penal consequences will also follow accordingly.
The scheme is part of Finance Act, 2016 which seeks to provide an opportunity to all persons who have not declared their income correctly in previous years to come forward and declare their undisclosed incomes.
Under this scheme, the declared income would be taxed at the rate of 30 per cent plus ‘Krishi Kalyan’ cess of 25 per cent on taxes payable and a penalty at the rate of 25 per cent of the taxes payable.

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