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Income Declaration Scheme - 2016 Interview Questions

Below we have listed all the Income Declaration Scheme - 2016 Interview Questions and answers. Feel free to comment on any Income Declaration Scheme - 2016 Interview Questions or answer by the comment feature available on the page.

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Income Declaration Scheme 2016 came into effect from 1 June, 2016. It's an opportunity for those who didn't disclose income or pay taxes thereon in the past. Under this scheme, such persons can declare the undisclosed income and pay tax, surcharge and penalty on the declared undisclosed income. Declaration of undisclosed income or asset should have been chargeable to tax for any assessment year prior to the assessment year 2017-18. The person making a declaration under the scheme will have to pay income tax at the rate of 30% of the value of undisclosed income plus a surcharge of 25% thereon. Additionally, the person will be liable to pay a penalty at the rate of 25% of the tax, which would make the total payment 45% of the undisclosed income.

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Whether at the time of declaration under the Scheme, will the Principal Commissioner/Commissioner do any inquiry in respect of the declaration made?
0.4 Rating
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If a person declares only a part of his undisclosed income under the Scheme, then will he get immunity under the Scheme in respect of the part income declared?
0.3 Rating
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What is Income Declaration Scheme 2016? What are its main features?
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Can a person against whom a search/ survey operation has been initiated file declaration under the Scheme?
0.4 Rating
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Where a search/ survey operation was conducted and a notice has not been issued, can Such undisclosed income be declared under Income Declaration Scheme (IDS) 2016?
0.4 Rating
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Where a notice under section 142(1)/ 143(2)/ 148/ 153A/ 153C of the Income-tax Act has been issued to a person for an assessment year will he be ineligible from making a declaration under the Scheme?
0.4 Rating
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Will the declarations made under the Scheme be kept Confidential?
0.4 Rating
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If a declaration of undisclosed income is made under the Scheme and the same was found ineligible due to the reasons listed in section 196 of the Finance Act, 2016, then will the person be liable for consequences under section 197(c) of the Finance Act, 2016?
0.4 Rating
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In a case where the undisclosed income is represented in the form of investment in asset and such asset is partly from income that has been assessed to tax earlier, then what shall be the method of computation of undisclosed income represented by such undisclosed asset for the purposes of the Scheme?
0.4 Rating
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What are the consequences if no declaration under the Scheme is made in respect of undisclosed income prior to the commencement of the Scheme?
0.4 Rating
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Where an undisclosed income in the form of investment in asset is declared under the Scheme and tax, surcharge and penalty is paid on the fair market value of the asset as on 01.06.2016, then will the declarant be liable for capital gains on sale of such asset in the future? If yes, then how will the capital gains in such case be computed?​​
0.3 Rating
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Can a person declare under the Scheme his undisclosed income which has been acquired from money earned through corruption?
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Can a declaration be made of undisclosed income which has been assessed to tax and the case is pending before an Appellate Authority?
0.3 Rating
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Is it necessary to file a valuation report of an undisclosed income represented in the form of investment in asset along with the declaration under the Scheme?
0.4 Rating
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As per the Scheme, declaration cannot be made where an undisclosed asset has been acquired during any previous year relevant to an assessment year for which a notice under section 142, 143(2), 148, 153A or 153C of the Income-tax Act has been issued. If the notice has been issued but not served on the declarant then how will he come to know whether the notice has been issued?
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