CBDT ISSUES EXPLANATORY NOTES & CLARIFICATION ON INCOME DECLARATION SCHEME, 2016
(CIRCULAR NO 16 & 17 OF 2016 DATED 20TH MAY 2016)
The Central Board of Direct Taxes has issued explanatory notes & clarification on the popular income declaration scheme announced by Budget 2016 in an endeavor to unearth the black money in India. This scheme is incorporated as Chapter IX of Finance Act 2016 which provides an opportunity to the persons to declare their undisclosed incomes by paying tax, surcharge and penalty totaling in all the 45% of such undisclosed declared income. The rules in this regard have been already notified as “The Income Declaration Scheme Rules’2016. The Board, through these circulars has given the explanatory notes on provisions of the scheme and clarified the queries received from the public regarding the scope of the scheme and procedure to be followed. The full extract of Board circulars can be viewed at –
http://www.incometaxindia.gov.in/communications/circular/circular16_2016.pdf
http://www.incometaxindia.gov.in/communications/circular/circular17_2016.pdf
For any information or query in respect of the aforesaid matter, you may speak in person with CA. Bharat Poplani on 96463-80245.