Finance minister Arun Jaitley had announced the Income Disclosure Scheme 2016, in the Union Budget in February 2016, to enable persons to disclose their unaccounted income and wealth. After the Voluntary Disclosure of Income Scheme in 1997, this was the first such income disclosure scheme announced by the government. The scheme commenced on 1 June 2016 and ends on 30 September 2016.
The government and the tax authorities seem to be making all-out efforts to ensure that the scheme receives a good response, and does not receive the same poor response that the black money scheme of 2015 did.
