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ARTICLE · 02 JUNE 2016

Government Announces Rules, Format Of Declaration, Valuation Methods In Relation To (Domestic) Income Declaration Scheme 2016

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Earlier this year, Government of India introduced the Income Declaration Scheme, 2016 (Scheme) in the Finance Act, 2016.

IndiaTax
Sanjay Sanghvi
Sanjay Sanghvi
Surajkumar Shetty
Surajkumar Shetty
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Earlier this year, Government of India introduced the Income Declaration Scheme, 2016 (Scheme) in the Finance Act, 2016.

The Government has now issued a circular on 20 May 2016 clarifying certain important provisions relating to the Scheme. The Income Declaration Scheme Rules, 2016 (Rules) have also been notified vide notification dated 19 May 2016. The Rules provide methods for valuation of various assets such as quoted and unquoted shares / securities, immoveable property, jewellery, works of art, etc. As per the Rules, the value of the assets such as shares, immoveable property, bullion, etc. which is required to be declared would be the higher of the 'cost of acquisition' or the 'fair market value' (determined in the prescribed manner) as on 1 June 2016.

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