July 04, 2026 01:57 am (IST)

Make this your homepage

All Finance

'Why can't citizens protest against the government? They are being made slaves by slapping cases': Bombay HC slams Mumbai Police, quashes activist's externment | 'First he cheats on me...': Siya Goyal's old pub video goes viral amid probe into fiancé Ketan Agarwal's alleged murder | Ronaldo's goal, Ramos' last-gasp winner send Portugal past Croatia, set up Spain clash | India-US trade deal almost done! Piyush Goyal hints at breakthrough | Ram Mandir donation scam: Champat Rai points finger at his own driver | PM Modi welcomes Japanese PM Sanae Takaichi as India-Japan ties enter a new era | 'Not an isolated incident': India slams Pakistan after 125-year-old historic Gurdwara is demolished | Ram Mandir donation theft: Six accused were employed by Varanasi-based security firm, probe reveals | Ayodhya Ram Temple donation theft: Probe says majority of money was allegedly stolen during Kumbh Mela | Commercial LPG price slashed by Rs 183.50 from July 1; check new rates in Delhi, Mumbai, Kolkata and Chennai

Union Budget 2016: Proposal for compliance window to declare undisclosed income

India Blooms News Service | | Feb 29, 2016, at 06:55 pm

New Delhi, Feb 29 (IBNS) Union Finance Minister Arun Jaitley on Monday presenting the Union Budget 2016 proposed a scheme to declare undisclosed income by paying 45% tax in a given compliance window.

The minister proposed a limited period compliance window for domestic taxpayers to declare undisclosed income or income represented in the form of any asset and clear up their past tax transgressions.

This will include paying tax at 30% and surcharge at 7.5% and penalty at 7.5%, which is a total of 45% of the undisclosed income.

Regarding income declared in these declarations, there will be no scrutiny or inquiry under the Income Tax Act or the Wealth Tax Act and those declaring their undisclosed income will have immunity from prosecution.

Immunity from Benami Transaction (Prohibition) Act, 1988 has also been proposed subject to certain conditions.

The surcharge levied at 7.5% of undisclosed income will be called ‘Krishi Kalyan surcharge’, which will be used for agriculture and rural economy.

Government of India plans to open the window under this Income Disclosure Scheme from June 1 to September 30, 2016 with an option to pay the amount due within two months of declaration.

Jaitley also reiterated the government's commitment to remove black money from the economy. He also suggested that the government will focus on bringing people with black money too books after the period of compliance window is over.

#Union Budget 2016 # Arun Jaitley # Budget speech # India economy

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.

India
International

Related Images

Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:41 pm

Veedol signs former Indian skipper Sourav Ganguly as brand ambassador Jun 29, 2024, at 06:38 am

In Images: Glimpses from Bengali film Fatafati's premiere May 13, 2023, at 08:39 pm