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A study on income declaration scheme 2016

A study on income declaration scheme 2016

The scheme is basically brought as a last opportunity to declare black money and the wealth to see a black money free economy in our country in the coming time. The scheme proposes reasonable taxation of 45 % which is only 15 % more than the highest slab prevailing in the country. The rules and regulations of the scheme is yet to come out and the success of the scheme mostly depends on the practical point of view of aspirant, immunity warranty, friendly behavior of the department, the role of advisors and the consultants, set of FAQ covering all types of assessee having different asset class and standing etc and the practical workability from each level. The submission here may be summarized as under:

  • HIGHLIGHTS OF THE SCHEME
  • OBSERVATIONS ON THE SCHEME
  • LIKELY PROBLEMS
  • DOUBTS OF THE ASPIRANT OF THE SCHEME
  • SUGGESTIONS

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