The declarant will not be eligible for declaration under the Scheme where the undisclosed income relates to the assessment year in respect of which notice under section 142, 143(2), 148, 153A or 153C of the Income-tax Act has been issued and served on the declarant on or before 31st day of May, 2016. The declarant is required to file a declaration regarding receipt of any such notice in Form-1.
Articles in this section
- Is it necessary to file a valuation report of an undisclosed income represented in the form of investment in asset along with the declaration under the Scheme?
- If a person declares income under this scheme then what is the due date for payment of tax calculated on declared income?
- Will the declarations made under the Scheme be kept confidential?
- Whether at the time of declaration under the Scheme, will the Principal Commissioner/Commissioner do any enquiry in respect of the declaration made?
- Can a person declare under the Scheme his undisclosed income which has been acquired from money earned through corruption?
- If a person declares only a part of his undisclosed income under the Scheme, then will he get immunity under the Scheme in respect of the part income declared?
- If a declaration of undisclosed income is made under the Scheme and the same was found ineligible due to the reasons listed in section 196 of the Finance Act, 2016, then will the person be liable for consequences under section 197(c) of the Finance Act, 2
- What are the consequences if no declaration under the Scheme is made in respect of undisclosed income prior to the commencement of the Scheme?
- Where a search/ survey operation was conducted and the assessment has been completed but certain income was neither disclosed nor assessed, then whether such unassessed income can be declared under the Scheme?
- Can a person against whom a search/ survey operation has been initiated file declaration under the Scheme?