Income Declaration Scheme- Income Tax Department

1) Tax, surcharge and penalty are payable at what percentage of income declared under the scheme?

a) 55%
b) 45%
c) 33%
d) 15%

2) Which of the following immunities has/have been given to a person who discloses his undisclosed income under this scheme?

a) Assets declared will be exempted from Wealth Tax.
b) Immunity from prosecution under Income-tax/Wealth-tax Act.
c) Immunity from Benami Transactions (prohibition) Act, 1988.
d) All of the above.

Answers

1) b
2) d

Note : Under the Scheme, such income as declared by the eligible persons, would be taxed at the rate of 30% plus a ‘Krishi Kalyan Cess’ of 25% on the taxes payable and a penalty at the rate of 25% of the taxes payable, thereby totaling to 45% of the income declared under the scheme.

Reference : PIB Link