Income declaration scheme, 2016 was an amnesty scheme introduced by

Narendra Modi Narendra Damodardas Modi (born 17 September 1950) is an Indian politician who has served as the Prime Minister of India, prime minister of India since 2014. Modi was the chief minister of Gujarat from 2001 to 2014 and is the Member of Par ...

led

Government of India The Government of India (ISO 15919, ISO: Bhārata Sarakāra, legally the Union Government or Union of India or the Central Government) is the national authority of the Republic of India, located in South Asia, consisting of States and union t ...

as a part of the 2016 Union budget to unearth

black money A black market is a clandestine market or series of transactions that has some aspect of illegality, or is not compliant with an institutional set of rules. If the rule defines the set of goods and services whose production and distributi ...

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 or an entity's net worth. This includes the total value of personal assets, including cash, bank deposits, real estate, assets in insurance and ...

defaulters to avoid prosecution 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 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 the Parliament of India that prohibits certain types of financial transactions. ...

and also ensured that declarations under it would not be subject to any scrutiny or inquiry. The Central Board of Indirect Taxes and Customs has notified the Amnesty Scheme effective 1 November 2024 and has issued the clarification on interest and penalty or both in respect of demands under section 73 of the CGST Act pertaining to financial years 2017–18, 2018–19 and 2019–20.

Notable declarations

Under the Income declaration total of was declared by a single individual Mahesh Shah of

Ahmedabad Ahmedabad ( ), also spelled 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 ...

, Gujarat.

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