SC: Hard to Believe Married Woman Was Lured Into Sex by False Marriage Promise; Case Quashed  ||  SC: Properties Acquired by Karta are Presumed to be Joint Hindu Family Assets unless Proven Otherwise  ||  SC: Trial Courts Must Record that Free Legal Aid was Offered to Accused Before Witness Examination  ||  SC: State Government Employees Cannot Claim Dearness Allowance Twice a Year Unless Rules Allow  ||  P&H High Court: Anticipatory Bail on Settlement Can be Revoked if Compromise is Broken  ||  Delhi High Court: Consenting Adults can Choose Life Partners Without Societal or Parental Approval  ||  Cal HC: Excessive Palm Sweating Alone Cannot Render Candidate Medically Unfit for CAPF Appointment  ||  Del HC: Mother's Right to Education and Personal Growth Cannot be Restricted Due To Custody Disputes  ||  SC: Under RTE Act, States Cannot Justify Low Teacher Pay by Citing Centre’s Failure to Release Funds  ||  Supreme Court: While a Child’s Welfare is Paramount, It is Not the Sole Factor in Custody Disputes    

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  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved