The NDA Government on Saturday May 14,2016 announced a 4-month window for
declaring domestic undisclosed income. The window will open on June 1
and will remain in force till September 30,2016
“Under the scheme, income as declared by the eligible persons, would be taxed at the rate of 30% plus a ‘Krishi Kalyan Cess’ of 25% on the taxes payable and a penalty at the rate of 25% of the taxes payable, thereby totalling to 45% of the income declared under the scheme,” the finance ministry said in a release.
“Under the scheme, income as declared by the eligible persons, would be taxed at the rate of 30% plus a ‘Krishi Kalyan Cess’ of 25% on the taxes payable and a penalty at the rate of 25% of the taxes payable, thereby totalling to 45% of the income declared under the scheme,” the finance ministry said in a release.
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