Income declaration scheme, 2016 was an amnesty scheme introduced by
Narendra Modi led
Government of India as a part of the 2016
Union budget
The Union Budget of India, also referred to as the ''Annual Financial Statement'' in Article 112 of the Constitution of India, is the annual budget of the Republic of India. The Government presents it on the first day of February so that it coul ...
to unearth
black money
A black market, underground economy, or shadow economy is a clandestine market or series of transactions that has some aspect of illegality or is characterized by noncompliance with an institutional set of rules. If the rule defines the se ...
and bring it back into the system. Lasting from 1 June to 30 September, the scheme provided an opportunity to
income tax and
wealth tax defaulters to avoid litigation and become compliant by declaring their assets, paying the tax on them and a penalty of 45% thereafter.
The scheme guaranteed immunity from prosecution under the Income Tax Act,
Wealth Tax Act, 1957, and the
Benami Transactions (Prohibition) Act, 1988 and also ensured that declarations under it would not be subjected to any scrutinies or inquiries.
Notable declarations
Under the Income declaration total of was declared by a single individual Mahesh Shah of
Ahmedabad
Ahmedabad ( ; Gujarati: Amdavad ) is the most populous city in the Indian state of Gujarat. It is the administrative headquarters of the Ahmedabad district and the seat of the Gujarat High Court. Ahmedabad's population of 5,570,585 (per t ...
,
Gujarat.
See also
*
Voluntary Disclosure of Income Scheme
*
Pradhan Mantri Garib Kalyan Yojana, 2016
References
{{Government Schemes in India
Income tax in India
2016 in Indian economy
Tax evasion in India
Government schemes in India