Black Money, Giving an opportunity to all those who have undeclared income, the Finance Ministry have announced to start the Income Declaration Scheme, 2016 which will commence from 1st June from this year. With this scheme, individuals who have undisclosed money can now correctly declare such undisclosed income(s). Under the Scheme, such income as declared by the eligible persons, would be taxed at the rate of 30% plus a‘Krishi Kalyan Cess’ of 25% on the taxes payable and a penalty at the rate of 25% of the taxes payable, thereby totalling to 45% of the income declared under the scheme.

Black Money, Giving an opportunity to all those who have undeclared income, the Finance Ministry have announced to start the Income Declaration Scheme, 2016 which will commence from 1st June from this year. With this scheme, individuals who have undisclosed money can now correctly declare such undisclosed income(s). Under the Scheme, such income as declared by the eligible persons, would be taxed at the rate of 30% plus a‘Krishi Kalyan Cess’ of 25% on the taxes payable and a penalty at the rate of 25% of the taxes payable, thereby totalling to 45% of the income declared under the scheme.

Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedInEmail this to someone

Black Money, Giving an opportunity to all those who have undeclared income, the Finance Ministry have announced to start the Income Declaration Scheme, 2016 which will commence from 1st June from this year. With this scheme, individuals who have undisclosed money can now correctly declare such undisclosed income(s). Under the Scheme, such income as declared by the eligible persons, would be taxed at the rate of 30% plus a‘Krishi Kalyan Cess’ of 25% on the taxes payable and a penalty at the rate of 25% of the taxes payable, thereby totalling to 45% of the income declared under the scheme.