Income declaration scheme, 2016 explained

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.^{[1] [2]}

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.^[3]

Notable declarations

Under the Income declaration total of was declared by a single individual Mahesh Shah of Ahmedabad, Gujarat.

See also

• Voluntary Disclosure of Income Scheme
• Pradhan Mantri Garib Kalyan Yojana, 2016

Notes and References

1. News: Budget 2016: ‘Step towards a black money free India’. 2016-03-03. The Financial Express. en-US. 2017-01-18.
2. News: Four-month window to declare black money opens on June 1: Finance Ministry. 2016-05-14. The Indian Express. en. 2017-01-18.
3. News: Government to ensure that black money amnesty window is not misused by offenders under tax radar. The Economic Times. 2017-01-19.