The Income Declaration Scheme 2016 A. Applicability Any person who has not paid full taxes in past, on or after 01.06.2016 but before a date to be notified by the CG in the official gazette (Hon’ble FM in his budget speech mentioned to keep the scheme open upto 30.09.2016), may make a declaration of undisclosed income of any F.Y. upto 15-16 B. Tax, Surcharge and Penalty Tax, surcharge and penalty totalling in all to 45% of such undisclosed income declared is to be paid. If income is declared in form of investment in any asset, FMV as on 01.06.2016 shall be deemed to be the undisclosed income. Manner of computing FMV will
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