Posted On:  2 years ago

Effective Tax Rate is 45% and not 31% clarified by CBDT - The Income Declaration Scheme 2016

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets.The Board has issued three sets of clarifications in the form of FAQs. The fourth set of Frequently Asked Questions (FAQs) providing clarification on various issues are in the process of being issued and will be available on the official website of the Income Tax Department i.e., later today.

article author CA Chirag Chauhan