https://en.bharatpedia.org/w/index.php?action=history&feed=atom&title=Income_declaration_scheme%2C_2016Income declaration scheme, 2016 - Revision history2026-08-02T08:08:32ZRevision history for this page on the wikiMediaWiki 1.43.6https://en.bharatpedia.org/w/index.php?title=Income_declaration_scheme,_2016&diff=209047&oldid=prev>Klbrain: Closing stale 2018 merge proposal; objection and no support for that specific proposal over more than a year; see Talk:Premiership of Narendra Modi#Garib Kalyan2019-08-09T04:33:29Z<p>Closing stale 2018 merge proposal; objection and no support for that specific proposal over more than a year; see <a href="/w/index.php?title=Talk:Premiership_of_Narendra_Modi&action=edit&redlink=1" class="new" title="Talk:Premiership of Narendra Modi (page does not exist)">Talk:Premiership of Narendra Modi#Garib Kalyan</a></p>
<p><b>New page</b></p><div>{{use dmy dates|date=November 2016}}<br />
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'''Income declaration scheme, 2016''' was an amnesty scheme introduced by [[Narendra Modi]] led [[Government of India]] as a part of the 2016 [[Union budget of India|Union budget]] to unearth [[Black market|black money]] and bring it back into the system. Lasting from 1 June to 30 September, the scheme provided an opportunity to [[Income tax in India|income tax]] and [[Wealth Tax Act, 1957|wealth tax]] defaulters to avoid litigation and become compliant by declaring their assets, paying the tax on them and a penalty of 45% thereafter.<ref>{{Cite news|url=http://www.financialexpress.com/budget-2016/step-towards-a-black-money-free-india/219143/|title=Budget 2016: ‘Step towards a black money free&nbsp;India’|date=2016-03-03|newspaper=The Financial Express|language=en-US|access-date=2017-01-18}}</ref><ref>{{Cite news|url=http://indianexpress.com/article/business/economy/four-month-window-to-declare-black-money-opens-on-june-1-finance-ministry-2800857/|title=Four-month window to declare black money opens on June 1: Finance Ministry|date=2016-05-14|newspaper=The Indian Express|language=en|access-date=2017-01-18}}</ref><br />
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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.<ref>{{Cite news|url=http://economictimes.indiatimes.com/news/economy/policy/government-to-ensure-that-black-money-amnesty-window-is-not-misused-by-offenders-under-tax-radar/articleshow/51282368.cms|title=Government to ensure that black money amnesty window is not misused by offenders under tax radar|newspaper=The Economic Times|access-date=2017-01-19}}</ref><br />
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==Notable declarations==<br />
Under the Income declaration total of {{INRConvert|138.6|b}} was declared by a single individual Mahesh Shah of [[Ahmedabad]], [[Gujarat]].<ref>{{citation |title=Mahesh Shah, who declared Rs 13,860 cr under IDS, let off after questioning |url=http://www.business-standard.com/article/current-affairs/mahesh-shah-who-declared-rs-13-860-cr-under-ids-let-off-after-questioning-116120400392_1.html |work=[[Business Standard]] |date=4 December 2016 }}</ref><br />
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== See also ==<br />
* [[Voluntary Disclosure of Income Scheme]]<br />
* [[Pradhan Mantri Garib Kalyan Yojana|Pradhan Mantri Garib Kalyan Yojana, 2016]]<br />
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==References==<br />
{{reflist}}<br />
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{{Taxation in India}}<br />
{{Government Schemes in India}}<br />
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[[Category:Income tax in India]]<br />
[[Category:2016 in Indian economy]]<br />
[[Category:Tax evasion in India]]</div>>Klbrain