The Income Declaration Scheme targets domestic black money and was launched on 1st June 2016 with the starting of a three-month declaration window. People and entities can reveal black money earned till 2016 and convert them into white money by paying 45% payment including tax plus surcharge and a penalty. Taxes, surcharge and penalty payable under the Scheme can be paid in instalments viz. and the latest installment should be made by end August 2017.
All ‘persons’, such as individuals, HUFs, companies, firms, association of persons (AOP) etc., are eligible to make declaration under the Scheme.
