• Dr. Kulbhushan D. Meghe
• Mr. Nitin V. Chopde

The Income Tax Declaration Scheme 2016, introduced by the government, aimed to provide an opportunity for individuals and entities to disclose their undisclosed income and assets and pay the corresponding tax and penalties. This scheme acted as a means to bring undisclosed income into the formal economy and improve tax compliance. The scheme provided an attractive platform for taxpayers to come forward and voluntarily disclose their undisclosed income, as the government offered various benefits and immunities in return. These benefits included immunity from prosecution, immunity from certain indirect taxes, and a reduced penalty rate. This scheme also allowed individuals to declare assets, including cash, bank deposits, immovable properties, jewellery, shares, and more. By doing so, taxpayers could regularize their undisclosed income and assets and avoid legal consequences. This paper briefly highlights the purpose and benefits of the Income Tax Declaration Scheme 2016, which aimed to boost tax compliance and encourage individuals to bring their undisclosed income and assets into the formal economy.

ITDS 2016, Tax declaration scheme, voluntary disclosure scheme, Tax amnesty scheme, Black money declaration, tax evasion declaration, Income tax declaration.

"Unlocking Tax Benefits: The Income Tax Declaration Scheme 2016", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.11, Issue 6, page no.f745-f755, June-2024, Available :http://www.jetir.org/papers/JETIR2406585.pdf

"Unlocking Tax Benefits: The Income Tax Declaration Scheme 2016", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.11, Issue 6, page no. ppf745-f755, June-2024, Available at : http://www.jetir.org/papers/JETIR2406585.pdf