Ministry of Finance has announced Income Declaration Scheme, 2016. The government is providing a 4-month window starting from June 1, 2016. Under the scheme, income as declared by the eligible persons, would be taxed at the rate of 30 per cent plus a Krishi Kalyan Cess of 25 per cent on the taxes payable and a penalty at the rate of 25 per cent of the taxes payable, thereby totalling to 45 per cent of the income declared under the scheme. The scheme shall apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to Financial Year 2015-16 or earlier.