Income Declaration Scheme - 2016 Interview Questions & Answers

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.