ⓘ Income declaration scheme, 2016 was an amnesty scheme introduced by Narendra Modi led Government of India as a part of the 2016 Union budget to unearth black mo ..

                                     

ⓘ Income declaration scheme, 2016

Income declaration scheme, 2016 was an amnesty scheme introduced by Narendra Modi led Government of India as a part of the 2016 Union budget to unearth black money and bring it back into the system. Lasting from 1 June to 30 September, the scheme provided an opportunity to income tax and wealth tax defaulters to avoid litigation and become compliant by declaring their assets, paying the tax on them and a penalty of 45% thereafter.

The scheme guaranteed immunity from prosecution under the Income Tax Act, Wealth Tax Act, 1957, and the Benami Transactions Prohibition Act, 1988 and also ensured that declarations under it would not be subjected to any scrutinies or inquiries.

                                     
  • 2016 on the lines of the Income declaration scheme 2016 IDS launched earlier in the year. A part of the Taxation Laws Second Amendment Act, 2016
  • India allowed the people to declare their undisclosed incomes in Income Declaration Scheme 2016 and pay a total of 45 tax for one time settlement. 64
  • of Income Scheme VDIS was a very unconventional but successful step among Indian economic policies. It would give an opportunity to the income tax
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