Stakeholders’ Perception towards Income Declaration Scheme-2016 in India

The main aim of the present study is to examine the stakeholders towards the Income declaration Scheme 2016. Indian Government introduced a scheme for Voluntary Declaration of undisclosed foreign income and assets for resident taxpayers under the Black Money Act, a similar scheme is proposed by the Finance Bill, 2016 referred ad ‘Income Declaration Scheme- 2016. The based on the survey of 160 respondents in Tumkur and Bangalore city, Karnataka, the sample respondent have been selected through random sampling method. The data have been collected by administering questionnaire to different stakeholders in the society i.e. employees of Income Tax department, salaried employees, entrepreneurs, professionals (including Chartered Accountants, Company Secretaries, Cost and Work Accountants, Cost and Work Accountants and Auditors) and others (Advocates, Students and Doctors). For the purpose of analysis of the data the statisitical techniques like, Mean, Percentage and chi-square test have been employed in the study. Finally the study reveals that, stakeholders are having positive perception towards this scheme and this time the Central Government has become stricter than during earlier schemes while providing immunities under various schemes, charge of rate of tax and many more.