FAQ - The Income Declaration Scheme 2016

Frequently Asked Questions (FAQs) relating to ‘The Income Declaration Scheme 2016’ specifying details of the scheme and clarifying eligibility available under the same uploaded on www.incometaxindia.gov.in   The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act, 2016 is to come into force with effect from the 1^st of June, 2016. The complete text of the Scheme is available on the website of the Ministry of Finance as part of the Finance Bill 2016. The first part of the Tax Payer Education Series of Frequently Asked Questions (FAQs) specifying details of the scheme and clarifying eligibility available under the same has been uploaded on the official website of the Income Tax Department www.incometaxindia.gov.in for viewing. The above are aimed at explaining the various provisions of the Scheme with respect to eligibility, nature of assets, periods of availability, kinds of immunities available under the scheme and persons excluded from its benefits. Circumstances in which the scheme shall not apply have also been clarified. These will be updated from time to time based upon feedback and further queries received.   PIB