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TMI BlogEXPLANATORY NOTES ON PROVISIONS OF THE INCOME DECLARATION SCHEME, 2016 AS PROVIDED IN CHAPTER IX OF THE FINANCE ACT, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... he Scheme provides an opportunity to persons who have paid not full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totalling in all to forty-five per cent of such undisclosed income declared. Scope of the Scheme 3. A declaration under the aforesaid Scheme may be made in respect of any income or income in the form of investment in any asset located in India and acquired from income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year 2017-18 for which the declarant had, either failed to furnish a return under section 139 of the Income-tax Act, or failed to disclose such income in a return furnished before the date of commencement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and 30th November, 2016 as the last date by which the tax, surcharge and penalty mentioned in para 4 above shall be paid. Accordingly, a declaration under the Scheme in Form 1 as prescribed in the Rules may be made at any time before 30.09.2016. After such declaration has been furnished, the jurisdictional Principal CIT/ CIT will issue an acknowledgment in Form-2 to the declarant within 15 days from the end of the month in which the declaration under Form-1 is made. The declarant shall not be liable for any adverse consequences under the Scheme in respect of, any income which has been duly declared but has been found ineligible for declaration. However, such information may be used under the provisions of the Income-tax Act . The declarant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... voidable reason the managing partner is not able to sign the declaration, or where there is no managing partner, by any partner, not being a minor. 5. Any other association Any member of the association or the principal officer. 6. Any other person That person or by some other person competent to act on his behalf. The declaration may be filed online on the e-filing website of the Income-tax Department using the digital signature of the declarant or through electronic verification code or in paper form before the jurisdictional Principal CIT/CIT. Declaration not eligible in certain cases 7. As pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gs for prosecution of any offence punishable under Chapter IX (offences relating to public servants) or Chapter XVII (offences against property) of the Indian Penal Code or under the Unlawful Activities (Prevention) Act or the Narcotic Drugs and Psychotropic Substances Act or the Prevention of Corruption Act are pending shall not be eligible to make declaration under the Scheme. A person notified under section 3 of the Special Court (Trial of Offences Relating to Transactions in Securities) Act or a person in respect of whom an order of detention has been made under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, subject to the conditions specified in the Scheme, shall also not be eligible for making a de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l representative the asset in respect of which the declaration of undisclosed income is made on or before 30th September, 2017; (d) The value of asset declared in the declaration shall not be chargeable to Wealth-tax for any assessment year or years. (e) Declaration of undisclosed income will not affect the finality of completed assessments. The declarant will not be entitled to claim re-assessment of any earlier year or revision of any order or any benefit or set off or relief in any appeal or proceedings under the Income-tax Act in respect of declared undisclosed income or any tax, surcharge or penalty paid thereon. (Ekta Jain) Deputy Secretary to the Government of India - Circular - Trade Notice - Public Notice - Instr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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