Income Declaration Scheme: 6 Clarification Made By Income Tax Department

The Income Declaration Scheme, 2016 is the latest scheme by the Income Tax Department which provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets.

The Scheme is open for a period from 1.6.2016 up to 30.9.2016 for declaration.

The amount payable under the Scheme can be paid in installments of 25% of the total amount which is payable by 30.11.2016; another 25% by 31.3.2017 and balance 50% by 30.9.2017.

The following are the major issues addressed in sixth set of circular (FAQs) as under:

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