In a recent Circular (No. 32 of 2016) of Central Board of Direct Taxes (CBDT), has clarified that wherever in the course of search under section 132 or survey operation under section 133A of Income-tax Act, 1961, any document is found as a proof for having already filed a declaration under the Scheme, including acknowledgement issued by the Income-tax Department for having filed a declaration, no enquiry would be made by the Income-tax Department in respect of sources of undisclosed income or investment in movable or immovable property declared in a valid declaration made in accordance with the provisions of the Scheme.
The Income Declaration Scheme, 2016 came into effect on 1st June, 2016.
The CBDT has already issued five sets of FAQs vide Circular Nos. 17, 24, 25,27 & 29 of 2016 addressing the doubts and concerns raised by the stakeholders.
Read the full text of the circular below.
