{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"183","heading":"Declaration of undisclosed income","text":"Declaration of undisclosed income. 183 . (1) Subject to the provisions of this Scheme, any person may make, on or after the date of commencement of this Scheme but before a date to be notified* by the Central Government in the Official Gazette, a declaration in respect of any income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year beginning on the 1st day of April, 2017— (a) | for which he has failed to furnish a return under section 139 of the Income-tax Act; (b) | which he has failed to disclose in a return of income furnished by him under the Income-tax Act before the date of commencement of this Scheme; (c) | which has escaped assessment by reason of the omission or failure on the part of such person to furnish a return under the Income-tax Act or to disclose fully and truly all material facts necessary for the assessment or otherwise. (2) Where the income chargeable to tax is declared in the form of investment in any asset, the fair market value of such asset as on the date of commencement of this Scheme shall be deemed to be the undisclosed income for the purposes of sub-section (1). (3) The fair market value of any asset shall be determined in such manner, as may be prescribed. (4) No deduction in respect of any expenditure or allowance shall be allowed against the income in respect of which declaration under this section is made. * 30-9-2016","html":"<p><b> Declaration of undisclosed income. </b></p><p><b> 183 </b>. (1) Subject to the provisions of this Scheme, any person may make, on or after the date of commencement of this Scheme but before a date to be notified* by the Central Government in the Official Gazette, a declaration in respect of any income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year beginning on the 1st day of April, 2017—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>for which he has failed to furnish a return under section 139 of the Income-tax Act;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>which he has failed to disclose in a return of income furnished by him under the Income-tax Act before the date of commencement of this Scheme;</td></tr><tr><td>(<i>c</i>)</td><td></td><td>which has escaped assessment by reason of the omission or failure on the part of such person to furnish a return under the Income-tax Act or to disclose fully and truly all material facts necessary for the assessment or otherwise.</td></tr></table></div><p><span class=\"num\">(2)</span> Where the income chargeable to tax is declared in the form of investment in any asset, the fair market value of such asset as on the date of commencement of this Scheme shall be deemed to be the undisclosed income for the purposes of sub-section (1).</p><p><span class=\"num\">(3)</span> The fair market value of any asset shall be determined in such manner, as may be prescribed.</p><p><span class=\"num\">(4)</span> No deduction in respect of any expenditure or allowance shall be allowed against the income in respect of which declaration under this section is made.</p><p>* 30-9-2016</p>","words":255,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/183/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}