INCOME DECLARATION SCHEME, 2016

The Ministry of Finance on 11th May, 2016 vide a press release stated that the Income Declaration Scheme, 2016 would come into force from 1st June, 2016 and will remain in force for 4 months till 30th September, 2016, for filing of declarations and payment towards taxes, surcharge and penalty to be made latest by 30th November, 2016.

What is Income Declaration Scheme, 2016? The Income Declaration Scheme, 2016 has been incorporated as Chapter IX of the Finance Act 2016 which provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s).

Following particulars were stated vide this press release:

  1. All the declarations are to be filed online or with Principal Commissioners of Income Tax across the country;
  2. The income declared under this scheme would be taxed at the rate of 30% along with a 25% "Krishi Kalyan Cess" on the taxes payable and a penalty of 25% on the taxes payable thus, totaling it to 45%;
  3. The undisclosed income in form of investment in assets or otherwise, pertaining to financial year 2015-16 or earlier would be covered under the scheme;
  4. The declaration for the purpose of undisclosed income, done in form of investment in assets, would be deemed to be the Fair Market Value of such assets as on 1st June, 2016. Foreign assets or income to which the Black Money Act, 2015 applies would not be covered under this scheme;
  5. Assets specified in the declaration shall be exempt from Wealth Tax;
  6. No scrutiny and enquiry shall be undertaken on declarations done under the scheme with respect to the Income-Tax Act or the Wealth Tax Act;
  7. Apart from the immunity from prosecution is granted under the Income Tax Act and Wealth Tax Act, immunity from Benami Transactions (Prohibitions) Act, 1988 shall also be provided if the assets are transferred to the actual owner within the period specified in the Rules made under such Act;
  8. The declaration would be rendered void if the facts of such declaration are misrepresented or suppressed;
  9. Also, non-payment of taxes, surcharge and penalty shall render the declaration void.
  10. The Section 196 (Chapter IX) of the Finance Act, 2016 lists down the circumstances in which the scheme shall not apply or a person is held disqualified;
  11. Undisclosed income would be liable for taxation in the previous year in which it was detected by the Income Tax Department if, not declared under this scheme. Nondeclaration would also attract other penal consequences.

"1. A pharmaceutical composition comprising a solid dosage form comprising:

  1. ritonavir or a pharmaceutically acceptable salt and ester thereof;
  2. darunavir or a pharmaceutically acceptable salt and ester thereof;
  3. Optionally, at least one pharmaceutically acceptable excipient, which composition is a tablet formulation comprising said ritonavir in a first layer of the formulation and said darunavir in a second layer of the formulation."

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