Consider the following statements regarding 39 Income Declaration scheme 39 Income Declaration Schem...........

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Consider the following statements regarding 'Income Declaration scheme'-

Income Declaration Scheme 2016 came into effect from 1 June, 2016.
Under this scheme, such persons can declare the undisclosed income and pay tax, surcharge and penalty on the declared undisclosed income.
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.

Which of the given above statement(s) is/are correct?

1 and 2

1, 2 and 3

1 and 3

None of the above

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Explanation:

All the statements are correct.

Income declaration scheme, 2016 was an amnesty scheme introduced by Narendra Modi led Government of India as a part of the 2016 Union budget to unearth black money 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.