Income Declaration Scheme, 2016: 45% tax cannot be paid from undisclosed income without declaring under scheme - Exclusive current headlines and India news live on Reporter India
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Income Declaration Scheme, 2016: 45% tax cannot be paid from undisclosed income without declaring under scheme

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The Central Board of Direct Taxes (CBDT) has said that the 45 per cent tax, surcharge and penalty under the Income Disclosure Scheme, 2016, cannot be made out of undisclosed income without including the amount under the scheme.
Paying the 45 per cent to the exchequer from past undisclosed income without declaring it under the scheme would bring down the effective rate of tax, surcharge and penalty to around 31 per cent.
In a clarification issued on Thursday, CBDT has said

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