Page 95 - DHC Budget Book 2021-22 Final
P. 95
7.29
Income Declaration Scheme, 2016 [w.r.e.f. 01-06-2016]
Hitherto, Income Declaration Scheme, 2016 contained in Chapter-IX of the Finance Act, 2016 provided as under-
An opportunity was provided to the assessee to disclose income which has not been disclosed in years prior to AY 2017-18 and make payment of tax, surcharge & penalty.
Further, any tax, surcharge or penalty paid in pursuance of declaration in the aforesaid scheme shall not be refundable.
Subsequently, a proviso was inserted in Sec. 191 of the Finance Act, 2016 vide Finance (No. 2) Act, 2019 empowering the Board to specify a class of persons to whom excess tax paid shall be refundable.
Now, Sec. 191 of the Finance Act, 2016 is proposed to be amended to provide that excess amount of tax, surcharge or penalty paid in pursuance of a declaration made under the Scheme shall be refundable to the specified class of persons without payment of any interest.
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Others Direct Tax 93
