May 15, 2016
The four-month window for declaring domestic black money will open on June 1 and those opting to come clean by paying 45% tax and penalty will not be subject to scrutiny and enquiry by the tax department.
The Income Declaration Scheme 2016 will remain in force till September 30 for the filing of declarations and payments towards taxes, surcharge and penalty must be made latest by November 30, the Finance Ministry said in a release.
“Non-declaration of undisclosed income under the Scheme will render such undisclosed income liable to tax in the previous year in which it is detected by the Income-tax Department. Other penal consequences will also follow accordingly,” the Ministry said.
It also said that the relevant rules and forms for the scheme will to be notified shortly.