RSM India

Newsflash - Second set of clarifications on the Income Declaration Scheme 2016 - CBDT Circular No. 24 of 2016

The Income Declaration Scheme, 2016 (the Scheme’) incorporated as Chapter IX of the Finance Act, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all 45% of such undisclosed income declared. The Income Declaration Scheme Rules, 2016 (the Rules) have been notified and in this regard, Circular No. 17 of 2016 dated 20 May 2016 issued by Central Board of Direct Taxes (Board) provided clarifications to 14 queries. Subsequently, further queries have been received from the public about various provisions of the Scheme. The Board has considered the same and the second set of clarifications are issued vide Circular no. 26 of 2016 dated 27 June 2016.

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