1 Income Declaration Scheme 2016 came into effect from 1 June, 2016. It's an opportunity for those who didn't disclose income or pay taxes thereon in the past.

2 Under this scheme, such persons can declare the undisclosed income and pay tax, surcharge and penalty on the declared undisclosed income.

3 Declaration of undisclosed income or asset should have been chargeable to tax for any assessment year prior to the assessment year 2017-18.

4 The person making a declaration under the scheme will have to pay income tax at the rate of 30% of the value of undisclosed income plus a surcharge of 25% thereon.

5 Additionally, the person will be liable to pay a penalty at the rate of 25% of the tax, which would make the total payment 45% of the undisclosed income.

6 The Centre has declared 30 September as the last date for making a declaration and 30 November as the date by which the tax, surcharge and penalty may be paid.