Income declaration scheme, 2016 was an amnesty scheme introduced by

Narendra Modi Narendra Damodardas Modi (; born 17 September 1950) is an Indian politician serving as the 14th and current Prime Minister of India since 2014. Modi was the Chief Minister of Gujarat from 2001 to 2014 and is the Member of Parliament from ...

led

Government of India The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, c ...

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 and bring it back into the system. Lasting from 1 June to 30 September, the scheme provided an opportunity to

income tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Tax ...

and

wealth tax A wealth tax (also called a capital tax or equity tax) is a tax on an entity's holdings of assets. This includes the total value of personal assets, including cash, bank deposits, real estate, assets in insurance and pension plans, ownershi ...

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 The Wealth Tax Act, 1957 was an Act of the Parliament of India that provides for the levying of wealth tax on an individual, Hindu Undivided Family or company. The wealth tax was levied on the net wealth owned by a person on a valuation date, i ...

, and the

Benami Transactions (Prohibition) Act, 1988 Benami Transactions (Prohibition) Act, 1988 (name changed to Prohibition of Benami Property Transactions Act, 1988 by section 3 of the 2016 amendment) is an Act of Parliament, Act of the Parliament of India that prohibits certain types of financi ...

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 Gujarat (, ) is a state along the western coast of India. Its coastline of about is the longest in the country, most of which lies on the Kathiawar peninsula. Gujarat is the fifth-largest Indian state by area, covering some ; and the ninth ...

References

{{Government Schemes in India Income tax in India 2016 in Indian economy Tax evasion in India Government schemes in India

Notable declarations

See also

References