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<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head> </head> <body> <div style="font-family:Verdana, Geneva, sans-serif; font-size:12px; text-align:justify"> <table width="800" border="0" style="border:1px solid #ccc;padding:5px;" align="center" cellpadding="6" cellspacing="0"> <tr> <td align="left" valign="top"> <br /> Ministry of Finance <br /><br /> Clarifications on Income Declaration Scheme, 2016<br /><br /> MANU/DTCR/0026/2016 - (27 Jun 2016)<br /><br /> </td> </tr> <tr> <td align="left" valign="top"></td> </tr> <tr> <td align="left" valign="top" style="background-color:#FDEDCE"><strong>The Central Board of Direct Taxes issued further clarifications to the recently announced Income Tax Declaration Scheme, 2016.<BR><BR> Elaborations on the Scheme include: if part payment of tax or penalty made in respect of declaration, the whole of the declaration will be invalid under the Scheme; persons against whom searches were conducted cannot claim benefit of the Scheme till notice period under Section 153A of the Income Tax Act 1961 expires, and; a valuation report need not be attached at the time of declaration, however, the same may be required by the commissioner to ascertain the correctness of the valuation.<BR><BR> The Scheme, proposed for 2016-2017, provides an opportunity to those who have not paid full taxes in the past to declare undisclosed income.</strong></td> </tr> <tr> <td align="left" valign="top" ><strong>Relevant : Clarifications on the Income Declaration Scheme, 2016 <manuid>MANU/DTCR/0017/2016</manuid> New FAQs on IDS 2016 <manuid>MANU/PIBU/0513/2016</manuid></strong></td> </tr> <tr> <td align="left" valign="top" ><strong>Tags : income tax, black money, declaration, clarifications</strong></td> </tr> <tr> <td align="left" valign="top"> </td> </tr> <tr> <!--<td><strong>Source : <a target="_new" href="http://www.manupatrafast.com/">newsroom.manupatra.com</a></strong></td>--> <td align="left" valign="top"><strong>Source : newsroom.manupatra.com</strong></td> </tr> <tr> <td align="left" valign="top"> </td> </tr> <tr> <td align="left" valign="top">Regards</td> </tr> <tr> <td align="left" valign="top">Team Manupatra</td> </tr> <tr> <td align="left" valign="top"> </td> </tr> </table> </div> </body> </html>