Income Declaration Scheme, 2016 – Critical Analysis
The Government has introduced a scheme “Income Declaration Scheme, 2016” which has come into force from 1st June, 2016. The scheme provides an opportunity to persons who have not paid due taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all to 45% of such undisclosed income declared.
The initial response of the tax payers and tax consultants regarding the scheme has not been encouraging. The present scheme is quite stringent in comparison to earlier scheme of Voluntary Disclosure of Income Scheme (VDIS) introduced by the government in the year 1997
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