Income declaration scheme, 2016

Income declaration scheme, 2016 was an amnesty scheme introduced by Narendra Modi led Government of India as a part of the 2016 Union budget to unearth black money and bring it back into the system. Lasting from 1 June to 30 September, the scheme provided an opportunity to income tax and wealth tax defaulters to avoid litigation 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 and also ensured that declarations under it would not be subjected to any scrutinies or inquiries.

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 ₹138.6 billion (US$1.7 billion) was declared by a single individual Mahesh Shah of Ahmedabad, Gujarat.

References

"Budget 2016: 'Step towards a black money free India'". The Financial Express. 3 March 2016. Retrieved 18 January 2017.
"Four-month window to declare black money opens on June 1: Finance Ministry". The Indian Express. 14 May 2016. Retrieved 18 January 2017.
"Government to ensure that black money amnesty window is not misused by offenders under tax radar". The Economic Times. Retrieved 19 January 2017.
"Mahesh Shah, who declared Rs 13,860 cr under IDS, let off after questioning", Business Standard, 4 December 2016

v t e Taxation in India
Taxes	Central Excise Duty Goods and Services Tax Income tax in India Securities Transaction Tax Service tax Value-added taxation
Bodies	CBDT Chairperson, Central Board of Direct Taxes Investigation Division of the Central Board of Direct Taxes Central Board of Excise and Customs Chairperson Central Board of Excise & Customs Income Tax Department Central Economic Intelligence Bureau Directorate of Revenue Intelligence Tax Administration Reform Commission
Legislations	Benami Transactions (Prohibition) Act, 1988 Expenditure Tax Act, 1987 Finance Act (India) Gift Tax Act, 1958 Interest Tax Act, 1974 The Income-tax Act, 1961 Wealth Tax Act, 1957
Schemes	Income declaration scheme, 2016 Pradhan Mantri Garib Kalyan Yojana Voluntary Disclosure of Income Scheme
Compliance	Income Tax Returns ITR-2 SUGAM ITR-4S Indian tax forms Tax Collected at Source Tax Deducted at Source Tax Deduction and Collection Account Number
Notable cases	Cairn Energy and Government of India dispute

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