Declaration of undisclosed income

Income Tax Dept. , Govt. of India has taken a strong initiative to recover Black Money hidden in India. It has recently issued a Circular to declare the income which has not been shown in the F.Y. 2015-16 or earlier years. The deadline has been fixed 30th Sept. 2016. No criminal prosecution will be endowed upon if a person declares his income (not previously disclosed) within this period. Only he/she will have to pay taxes for the same. The Tax evaders may have to face trouble if found guilty after the dead line.