Clarifications on the Income Declaration Scheme, 2016- (Ministry of Finance ) (14 Jul 2016)

MANU/DTCR/0029/2016

Direct Taxation

The Central Board of Direct Taxes released additional clarifications on the Income Declaration Scheme 2016.

In answers to ten additional queries, the Board clarified that declarations under the Scheme can be revised before its closing date; declarants will not be selected for scrutiny under CASS only on increase in capital in the balance sheet as a result of the declaration, and; immunity form prosecution in respect of declarations by the company or firm will extend to directors and partners.

The Scheme, effective 1 June 2016, is an attempt to bring into formal fiscal circulation previously undeclared income. Declarations made under the Scheme will be taxed at a flat 45 per cent and will provide the declarant certain immunities against fines and prosecution.

Tags : INCOME DECLARATION SCHEME REVISION DIRECTORS PARTNERS