Consider the following statements:
$1.$ Income declaration scheme is concerned with black money.
$2.$ It provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare their undisclosed incomes.
Which of the given statements is/are correct?

Only

1

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Only

2

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Both

1

and

2

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Neither

1

nor

2

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Solution

The correct option is C Both $1$ and $2$
Income Declaration Scheme, 2016 was launched by Income Tax Department, Government of India. The Scheme provides an opportunity to a citizen who has not paid full taxes in earlier years to come forward and declare the undisclosed income and pay tax, surcharge and penalties totalling in all to forty-five percent of such undisclosed income declared. It was a part of the government measures to counter black money. So both the statements are true.

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Consider the following statements:1. Income declaration scheme is concerned with black money.2. It provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare their undisclosed incomes.Which of the given statements is/are correct?