Section 46 - Recovery of Tax on Income Voluntarily Disclosed - Finance (No. 2) Act, 1967

46. Recovery of Tax on Income Voluntarily Disclosed Notwithstanding anything contained in section 68 of the Finance Act, 1965 (10 of 1965), - (a) any income-tax which is payable by a person on the amount of income declared by him under the provisions of sub-section (1) of that section but has not been paid within the period referred to therein (such tax being hereafter in this section referred to as the outstanding tax) shall be deemed to be tax due from the declaring on the date next following the expiry of the said period under a notice of demand issued under section 156 of the Income-tax Act, and the provisions of Chapter XV and Chapter XVII-D of, and the Second Schedule and the Third Schedule to, that Act shall, so far as may be, apply accordingly, subject to the modification that in section 231 of the said Act, references to one year shall be construed as references to two years; and (b) the outstanding tax which is paid at any time after the expiry the period referred to in sub-section (1) of the said section 68 or is recovered under the provisions of clause (a) shall, for the purposes of sub-section (6) of the said section 68, be deemed to be tax paid by the declaring under that section.