Income declaration scheme 2016

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Ajinkya Nashikkar (Querist)

27 June 2016 1. If the taxpayer receives a Scrutiny or Enquiry orIncome Escaping Notice under section 142 or 143 or 147 or 153 from the Income Tax Department upto 31st May 2016, then he would not be able to make declaration of that respective year. 2. If a search or survey has been conducted in the previous year and a time limit of serving notice is not completed then the taxpayer cannot apply for the scheme for that year. Considering these two things...if the survey has been made on partnership firm and the firm can not declare the income under this scheme, can the partners in the firm declare undisclosed income in their individual capacity?

Rupesh Jain

Rupesh Jain (Expert)

27 June 2016 under this scheme you can declare the income if individual declare the income then its consider in his capacity not on the firm ., if he declare the income for partnership firm then its consider for its firm. both have separate PAN hen under which PAN you declare the income, consider income under the same.

Ajinkya Nashikkar

Ajinkya Nashikkar (Querist)

27 June 2016 Thank you Mr. Rupesh Jain

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