Whether a Life-Threatening Rescue by Cop Can be Treated as Routine Duty, Madhya Pradesh HC Clarifies  ||  Madhya Pradesh HC: Officer Cannot Oversee Department Conducting Disciplinary Proceedings Against Him  ||  Madras High Court: POCSO Act Does Not Exempt Romantic Relationships Involving Minors  ||  SC Upholds Haryana Rule Delaying Aid to Kin Accused of Murdering Government Employees  ||  Supreme Court: Lokayukta Special Police is Not Exempt From RTI as an Intelligence Body  ||  Supreme Court: Curable Irregularity in Appointments Cannot Nullify Entire Recruitment Process  ||  SC: Dismissal, Being the Severest Punishment, Should be Imposed Only For Grave Misconduct  ||  SC: Constructive Res Judicata Applies to Grounds Omitted Through Negligence or Inadvertence  ||  Madras High Court: Honour Killing is a Shameful Act and an Extreme Manifestation of Casteism  ||  Bombay High Court: Traditional Families Often Hesitate to Report Sexual Offences    

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