The Voluntary Disclosure of Income and Wealth Ordinance, 1975 -- Explanatory notes on the provisions of. - Income Tax - 180/1975

Circular No. 180 Dated 15/10/1975 Subject : The Voluntary Disclosure of Income and Wealth Ordinance, 1975 -- Explanatory notes on the provisions of. 1. Introduction.-- The Voluntary Disclosure of Income and Wealth Ordinance, 1975 (15 of 1975) (hereinafter referred to as the Ordinance,) was promulgated by the President of India on the 8th October, 1975. This circular explains the substance of the provisions of the Ordinance and the Rules* made by the Board to provide for ancillary matters connected therewith. 2. Objects.-- The Ordinance provides for a scheme of voluntary disclosure of undisclosed income and wealth and offers an opportunity to persons who have evaded tax in the past to declare their undisclosed income and wealth, pay tax thereon on a reasonable basis and return to the path of civic responsibility in future. It is also aimed at securing channelisation of black money secreted by tax evaders into productive fields in the overall interest of the economy. 3. Duration of the Scheme.-- The Scheme will apply to declaration of income and wealth made on or after the 8th October, 1975, up till December 31, 1975. [Sections 3, 14 and 15 (part) of the Ordinance] 4. Coverage.-- The Scheme will cover all categories of taxpayers, whether corporate or non-corporate. It will, however, not apply in the case of persons who have been detained, or for whose detention orders have been issued, under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (COFEPOSA). Persons in respect of whom orders of detention under the aforesaid Act have been issued will not, however, be denied the benefits of the Scheme in the following types of cases:-- (i) where no declaration under section 9 or 12A of COFEPOSA has been made, the order of detention has been revoked on the report of the Advisory Board under section 8 of that Act or before the receipt of such report; (ii) where a declaration under section 9 of COFEPOSA has been made, the order of detention has been revoked before the expiry of the time for, or on the basis of, the review under section 9(3) of that Act, or on the report of the Advisory Board under section 8, read with section 9(2), of that Act; (iii) where a declaration under section 12A of COFEPOSA has been made, the order of detention has been revoked before the expiry of the time for, or on the basis of, the first review under section 12A(3) of that Act, or on the basis of the report of the Advisory Board under section 8, read with section 12A(6) of that Act; or (iv) the order of detention has been set aside by a court of competent jurisdiction. [Section 3, 14 and 15 (part) and section 20 of the Ordinance]. 5. General.-- The provisions of the scheme may be broadly divided into three categories, namely:-- (i) provisions relating to voluntarily disclosed income, that is to say, cases where no books of account, other documents, money, bullion, jewellery or other valuable articles or things have been seized as a result of any search made under section 132 of the Income-tax Act, 1961, or under section 37A of the Wealth-tax Act, 1957; (ii) provisions relating to declaration of income in cases of search and seizure, that is to say, cases where books of account, other documents, money, bullion, jewellery or other valuable articles or things have been seized as a result of any search made under section 132 of the Income-tax Act, 1961, or under section 37A of the Wealth-tax Act, 1957; and (iii) provisions relating to voluntarily disclosed net wealth or assets which were not disclosed, or the value whereof was understated, in any return of net wealth. Provisions relating to voluntarily disclosed income 6. Income which can be declared.-- Under section 3(1) of the Ordinance, a person can declare his income liable to tax for any assessment year up to and including the assessment year 1975-76 falling under any of the following categories:-- (a) income for which he has failed to furnish a return under section 139 of the Income-tax Act, 1961; or (b) income which he has failed to disclose in a return of income field by him under the Income-tax Act, 1961, before the 8th October, 1975; or (c) income which has been under-assessed or has escaped assessment by reason of the omission or failure on the part of the person concerned to furnish a return under the Indian Income-tax Act, 1922, or the Income-tax Act, 1961, or to disclose fully and truly all material facts necessary for his assessment or otherwise. The provisions of section 3(1) do not, however, apply in relation to-- (i) income for any assessment year which has not been disclosed in a return of income furnished on or after 8th October, 1975; (ii) income for any assessment year for which a notice under section 139 or section 148 of the Income-tax Act, 1961, has been served on the declarant but the return for that year has not been filed by him before the 8th October, 1975; (iii) in a case where any books of account, other documents, money, bullion, jewellery or other valuable articles or things belonging to the declarant have been seized as a result of any search under section 132 of the Income-tax Act, 1961, or under section 37A of the Wealth-tax Act, 1957, the income in respect of the previous year in which such search was made or any earlier previous year. It will be seen that in a case where any books of account, other documents, money, bullion, jewellery or other valuable articles or things have been seized, there is no bar on the declaration of undisclosed income for any previous year falling after the previous year in which the search was made and, accordingly, a person whose books of account, other documents, etc., have been seized will be entitled to declare under section 3(1) his undisclosed income for any such previous year. [The undisclosed income in respect of the previous year in which the search was made or any earlier previous year can be declared separately under section 14(1) of the Ordinance as explained in paragraphs 20 to 25 of this Circular]. 7. It may be noted that any income which has already been declared by the assessee in any return furnished by him or which has already been assessed for any assessment year cannot be disclosed under section 3(1) of the Ordinance. In a case where an assessment made under section 143(3) has been set aside in any proceeding by way of appeal or revision, the provisions of section 3(1)(b) of the Ordinance will apply, and, accordingly, the assessee will be entitled to make a declaration in respect of the income in excess of the amount that was returned at the time of the original assessment. [Section 3 (part) of the Ordinance]. 8. Rates of Income-tax.-- The voluntarily disclosed income will be treated as a separate block, irrespective of the number of years over which it may have been earned and will be charged to tax at the following rates: (a) In the case of assessees, other than companies-- Slab of income declared Rate of tax Up to Rs. 25,000 25 per cent. Rs. 25,001 - Rs. 50,000 Rs. 6,250 plus 40 per cent of the excess over Rs. 25,000. Over Rs. 50,000 Rs. 16,250 plus 60 per cent of the excess over Rs. 50,000. . (b) In the case of companies 60% [Section 3 (part) and the Schedule to the Ordinance]. 9. Investment in notified Government securities.-- In addition to the income-tax payable as stated in the preceding paragraph, the declarant will be required to invest 5 per cent. of the disclosed income in notified Government securities, proceeds of which will be utilised by Government for projects of high social priority. [Section 3 (part) of the Ordinance] 10. Particulars to be furnished in declaration.-- The declaration under section 3(1) of the Ordinance is required to be made to the Commissioner of Income-tax concerned. It should be made in Form A prescribed under the Voluntary Disclosure of Income and Wealth Rules, 1975, and should be verified in the manner prescribed therein. The verification includes a solemn declaration by the declarant that income of other persons in respect of which he is chargeable to tax, as also income accruing or arising from assets held by him through other persons, has been shown in the declaration in respect of the year or years for which the declaration is made, to the extent such income was not disclosed or assessed earlier. The declarant has to further declare that income of any other person in respect of which he is not chargeable to tax has not been included in the declaration. The underlying object is to secure that while income from assets held by the declarant in benami names, as also any income of other persons in respect of which he is chargeable to tax, does not escape assessment, the declarant does not declare income of other persons in respect of which he is not chargeable to tax. The declaration has to be signed by the person who is empowered under section 140 of the Income-tax Act, 1961, as amended by the Taxation Laws (Amendment) Act, 1975, to sign the return of income in the case of the declarant. [Section 4 (part) of the Ordinance] 11. Only one declaration permitted.-- The Ordinance provides that a declarant will be entitled to make only one declaration under section 3(1) and that any subsequent declaration filed by a person who has already made one declaration will be void. [Section 4(3) of the Ordinance] 12. Time for payment of income-tax .--Income-tax payable in respect of the voluntarily disclosed income will ordinarily be paid before the declaration is made and the proof of payment of such tax will be enclosed with the declaration. The Commissioner has, however, been empowered to extend the time of payment, or to grant instalments, in suitable cases where he is satisfied that the declarant was unable, for good and sufficient reasons, to pay the full amount of income-tax before the declaration was made. The declarant will, however, be required to pay at least one-half of the income-tax payable in respect of the voluntarily disclosed income on or before the 31st March, 1976, and the balance, if any, on or before the 31st March, 1977. The declarant will also be required to furnish adequate security for the payment of the amount remaining unpaid. For this purpose, at least one-half of the unpaid amount should be guaranteed by a scheduled bank or secured by an assignment of Government securities by the declarant in favour of the President of India, and the balance, if any, should be secured against such security as the Commissioner may, in his discretion, direct. Where any Government securities are assigned as security for the payment of income-tax, the amount covered by such assignment will be the market value of the securities on the date of the assignment. [Section 5 (part) of the Ordinance] 13. Time for investment in notified securities.-- The investment in notified Government securities will have to be made in all cases within 30 days from the date of making the declaration and no relaxation in this behalf will be permitted. [Section 5(4) of the Ordinance] 14. Interest payable by the declarant.-- Where any part of the income-tax in respect of the voluntarily disclosed income is not paid by the declarant up till 31st March, 1976, the declarant will be liable to pay simple interest at 12% per annum on the unpaid amount from the 1st April, 1976, to the date of payment, and the provisions of the Income-tax Act, 1961, and the Income-tax Rules, 1962, relating to interest payable under section 220(2) will be applicable in relation to such interest. Accordingly, the provisions of section 288B (relating to rounding off of interest) and rules 118, 119, and 119A (relating to levy and calculation of interest) of the Income-tax Rules, 1962, will apply in relation to the interest payable under the Ordinance as they apply in relation to the interest payable under section 220(2) of the Income-tax Act, 1961. [Section 6 of the Ordinance] 15. Concessions and immunities.-- The declarant will be entitled to the following concessions and immunities in respect of the voluntarily disclosed income:-- (i) There will be no assessment proceedings in respect of the voluntarily disclosed income and the tax liability in respect of such income will be finally settled on payment of the tax under the Scheme and investment in notified Government securities. (ii) The voluntarily disclosed income will not be included in the total income of the declarant for the purpose of assessment for any year under the Indian Income-tax Act, 1922, the Income-tax Act, 1961, the Excess Profits Tax Act, 1940, the Business Profits Tax Act, 1947, the Super Profits Tax Act, 1963, or the Companies (Profits) Surtax Act, 1964. Since such income is altogether excluded from the total income, it follows that it will not be taken into account for the purposes of determining the rate of income-tax chargeable on the other income of the declarant or, where the declarant is a closely-held domestic company, its "distributable income" for the purposes of the levy of additional income-tax under section 23A of the Indian Income-tax Act, 1922, or section 104 of the Income-tax Act, 1961. These concessions will be available only in cases where the declarant has paid income-tax in respect of voluntarily disclosed income and has also invested the requisite amount in notified Government securities as required by section 3(3) of the Ordinance. The declarant will also be required to credit the amount of such income in his books of account or any other record and to intimate the Income-tax Officer about it. The declarant will be entitled to obtain a certificate from the Commissioner stating the particulars of the voluntarily disclosed income, the amount of income-tax paid in respect of the same, the date on which such tax was paid, the amount of investment made in notified Government securities and the date of such investment. The certificate will be issued only after the full amount of income-tax has been paid and the requisite amount has been invested in notified Government securities. (iii) Particulars contained in the declaration will not be admissible as evidence against the declarant for the purposes of any proceeding relating to imposition of penalty or for the purpose of prosecution under the Acts mentioned in (ii) above and the Wealth-tax Act, 1957. (iv) No wealth-tax will be payable by the declarant for any assessment year up to and including the assessment year 1975-76 in respect of the assets specified in the declaration made under section 3(1) of the Ordinance as representing his voluntarily disclosed income. Where the value of the assets acquired out of the voluntarily disclosed income has been understated by the declarant in any wealth-tax return, the amount of under-statement, to the extent the voluntarily disclosed income has been utilised for acquiring such asset, will not be included in the net wealth of the declarant for the said assessment year or years. Where the value of the assets has already been correctly shown in a return of net wealth for any assessment year, such value will, however, not be excluded from such assessment. The above concession will be available only if the requirements as to payment of tax, investment in notified Government securities and making of entries in the books of account referred to in (ii) above are complied with. (v) All particulars contained in a declaration under section 3(1) of the Ordinance shall be treated as confidential and no court or any other authority will be entitled to require any public servant or the declarant to produce before it any such declaration or any part thereof or to give any evidence in respect thereof. This provision will override any other provision in any other law for the time being in force. Public servants will also be debarred from disclosing any particulars contained in such declaration except to income-tax and wealth-tax authorities and Officers appointed by the Board or the Comptroller Auditor-General of India to audit income-tax receipts or refunds. 16. It should be noted that the immunities provided under the Ordinance will be available only in relation to the voluntarily disclosed income and do not cover any other income which may have escaped assessment. Income declared under section 3(1) of the Ordinance will be accepted without any investigation or questions being asked and the declarant will have to pay tax and to make investment in notified Government securities on the basis of the income disclosed. It is expected that persons who have any undisclosed income would declare it in full. If, subsequently, it is found that any part of undisclosed income has not been declared, it will be open to the income-tax department to pursue investigations and take usual steps for unearthing it. [Sections 8, 11, 12 and 13 of the Ordinance] 17. Voluntarily disclosed income not to affect the finality of completed assessments.-- The declarant will not be entitled to re-open any assessment or reassessment made under the Indian Income-tax Act, 1922, the Income-tax Act, 1961, the Excess Profits Tax Act, 1940, the Business Profits Tax Act, 1947, the Super Profits Tax Act, 1963, or the Companies (Profits) Surtax Act, 1964, on the ground that he has made a declaration under section 3(1) of the Ordinance and paid income-tax on the income declared therein. No claim will also lie for any set-off or relief in any appeal, reference or other proceedings in relation to any assessment or reassessment made under any of the aforesaid Acts. [Section 9 of the Ordinance] 18. Income-tax in respect of voluntarily disclosed income not refundable.--No claim will be entertained for refund of any part of the tax paid in pursuance of a declaration made under section 3(1) of the Ordinance under any circumstances. [Section 10 of the Ordinance] 19. Mode of recovery.-- Where the declarant fails to pay income-tax in respect of the voluntarily disclosed income to invest the amount required to be invested in Government securities within the time allowed, he will be deemed to be in default. It will be open to the Income-tax Officer to levy penalty under section 221 for failure to pay income-tax on the voluntarily disclosed income or interest under section 6 and to proceed to recover the arrears of income-tax, interest or penalty under the Ordinance in accordance with the provisions of the Income-tax Act, 1961, relating to the recovery of arrears of tax and other sums due under that Act. Any arrear of the amount required to be invested by the declarant in notified Government securities will also be recoverable under the Income-tax Act, 1961, as if it were an arrear of tax under that Act. No penalty under section 221 of the Income-tax Act, 1961, will, however, be exigible for default in making investment in notified Government securities. [Section 7 of the Ordinance] Provisions relating to disclosure of income in cases of search and seizure. 20. Income which can be declared.-- Where any books of account, other documents, money, bullion, jewellery or other valuable articles or things belonging to a person have been seized as a result of any search made under section 132 of the Income-tax Act, 1961, or under section 37A of the Wealth-tax Act, 1957, such a person can make a declaration under section 14(1) of the Ordinance in respect of the income of the previous year in which such search was made or any earlier previous year, where such income falls under any of the following categories:-- (a) income for which he has failed to furnish a return under section 139 of the Income-tax Act, 1961; or (b) income which he has failed to disclose in a return of income filed by him under the Income-tax Act, 1961, before the 8th October, 1975; or (c) Income which has been under-assessed or has escaped assessment by reason of the omission or failure on the part of the person concerned to furnish a return under the Indian Income-tax Act, 1922, or the Income-tax Act, 1961, or to disclose fully and truly all material facts necessary for his assessment or otherwise. The provisions of section 14(1) do not, however, apply in relation to-- (i) income for any assessment year which has not been disclosed in a return of income furnished on or after the 8th October, 1975; (ii) income which has been included in the total income of the declarant in any assessment made by the Income-tax Officer before the date on which the declaration is made. [As explained in paragraph 6 of this Circular, a person whose books of account, other documents, etc., have been seized as a result of a search is entitled to disclose under section 3(1) of the Ordinance his income for any previous year or years falling after the previous year in which the search was made]. [Section 15(1) (part) of the Ordinance] 21. Immunity provided in respect of declared income.-- The amount of income disclosed in the declaration or, as the case may be, the value of the assets representing such income, will not be taken into account for the purposes of-- (i) payment of interest by the declarant under section 139(8) of the Income-tax Act, 1961, for delay or default in not furnishing the return of income; (ii) payment of interest by the declarant under section 215 (for shortfall in payment of advance tax) or section 217 (for failure to file estimate of advance tax) of the Income-tax Act, 1961, or the corresponding provisions of the Indian Income-tax Act, 1922; (iii) imposition of penalty on the declarant under the provisions of the Indian Income-tax Act, 1922, the Income-tax Act, 1961, the Excess Profits Tax Act, 1940, the Business Profits Tax Act, 1947, the Super Profits Tax Act, 1963, the Companies (Profits) Surtax Act, 1964, or the Wealth-tax Act, 1957, other than a penalty imposable under section 221 of the Income-tax Act, 1961, for default in payment of tax or under the corresponding provisions of any of the other Acts mentioned above; (iv) prosecution of the declarant under the provisions of any of the Acts mentioned in (iii) above. The immunity provided under the Ordinance in respect of the above matters will not be available to the declarant unless the tax chargeable in respect of the income declared has been paid by the declarant in accordance with the provisions of section 5 of the Ordinance. [Section 14(1), (5)(part) and (7) of the Ordinance] 22. Particulars to be furnished in the declaration.-- The declaration under section 14(1) of the Ordinance is required to be made to the Commissioner of Income-tax concerned. It should be made in duplicate in Form B prescribed under the Voluntary Disclosure of Income and Wealth Rules, 1975, and should be verified in the manner prescribed therein. The verification includes a solemn declaration by the declarant on the lines mentioned in paragraph 10 of this Circular. The declaration has to be signed by the person who is empowered under section 140 of the Income-tax Act, 1961, as amended by the Taxation Laws (Amendment) Act, 1975, to sign the return of income in the case of the declarant. [Section 14(2) and (3) of the Ordinance] 23. Copy of declaration to be forwarded to Income-tax Officer --A copy of the declaration will be forwarded by the Commissioner of Income-tax to the Income-tax Officer and the information contained therein may be taken into account for the purposes of proceedings relating to the assessment or reassessment of the income of the declarant under the provisions of the various enactments mentioned in paragraph 21(iii) above. The income declared under section 14(1) of the Ordinance will thus be included in the total income of the declarant in the assessment to be made by the Income-tax Officer and charged to tax at normal rates applicable for the relevant assessment year or years. [Section 14(4) of the Ordinance] 24. Payment of income-tax on declared income.-- The tax chargeable in respect of the income of any previous year for which a declaration has been made by the declarant will have to be paid in accordance with the provisions of section 5 of the Ordinance which have been explained in paragraph 12 of this Circular. The expression "tax chargeable in respect of the income of any previous year for which the declaration is made" has been defined to mean,-- (a) where the declarant has not furnished a return in respect of the total income of that year and no assessment has been made in respect of the total income of that year, the tax payable on the income declared under section 14(1) of the Ordinance as if such income were the total income; (b) where the declarant has furnished a return in respect of the total income of that year and no assessment has been made in pursuance of such return, the tax payable on the aggregate amount of the total income returned and the income declared as if such aggregate were the total income, as reduced by the tax payable on the basis of the total income returned; (c) where an assessment in respect of the total income of the previous year has been made, the tax payable on the aggregate amount of the total income as assessed and the income declared as if such aggregate were the total income, as reduced by the tax payable on the basis of the total income as assessed. 25. The declarant will be given credit in respect of the tax paid by him in the assessment made under the Indian Income-tax Act, 1922, or the Income-tax Act, 1961, in respect of his total income of the relevant previous year or years. [Section 14(5) and (6) of the Ordinance] Provisions relating to voluntary disclosure of wealth. 26. Wealth, etc., which can be declared.-- Under section 15(1) of the Ordinance, a person can make a declaration in respect of--(a) the net wealth chargeable to wealth-tax for any assessment year for which he has failed to furnish a return under section 14 of the Wealth-tax Act, 1957, provided no notice under that section or under section 17 has been served on him before the 8th October, 1975, for furnishing the return of net wealth for that year: or (b) the value of the assets which has not been disclosed, or the value of the assets which has been understated, in any return of net wealth for any assessment year. The provisions of (b) above will not, however, apply in relation to so much of the value of assets as has been assessed in any assessment for the relevant assessment year made by the Wealth-tax Officer before the date on which the declaration is made. 27. Immunity provided in respect of declared net wealth, etc.-- The net wealth or, as the case may be, the value declared in a declaration under section 15(1) of the Ordinance will not be taken into account for the purposes of any proceedings relating to imposition of penalty on the person making the declaration or for the purposes of his prosecution under the Wealth-tax Act, 1957. This immunity is conditional on the fulfilment of the conditions regarding payment of wealth-tax on the amount declared and the investment of the requisite amount in notified Government securities. The relevant provisions contained in this behalf in the Ordinance have been explained in paragraphs 28, 29 and 31 of this Circular. [Section 15(1)(part) of the Ordinance] 28. Payment of wealth-tax.-- The wealth-tax chargeable in respect of the net wealth for any assessment year for which the declaration is made will have to be paid by the declarant in accordance with the provisions of section 5 of the Ordinance which have been explained in paragraph 12 of this Circular. The expression "wealth-tax chargeable in respect of the net wealth for any assessment year for which the declaration is made" has been defined to mean-- (a) in a case where the declaration has been made in respect of the net wealth chargeable to wealth-tax for any assessment year for which the declarant has failed to furnish a return, the wealth-tax payable in respect of the net wealth declared; (b) where the declaration has been made in respect of the value of the assets which has not been disclosed, or the value of the assets which has been under-stated, in any return of net wealth, the wealth-tax chargeable shall be calculated as under:- (i) where no assessment has been made in pursuance of the net wealth furnished by the declarant, the wealth-tax payable on the aggregate of the net wealth returned and the value declared for that year as if such aggregate were the net wealth, as reduced by the wealth-tax payable on the basis of the net wealth returned; (ii) where an assessment has been made in pursuance of the return of net wealth furnished by the declarant, the wealth-tax payable on the aggregate of the net wealth as assessed and the value declared for that year as if such aggregate were the net wealth, as reduced by the wealth-tax payable on the net wealth as assessed. [Section 15(5) of the Ordinance] 29.Investment in notified Government Securities .--In addition to the wealth-tax payable as stated in the preceding paragraph, the declarant will be required to invest in notified Government securities a sum calculated as under:- (a) where the declaration has been made in respect of one assessment year, a sum equal to two and a half per cent. of the amount of net wealth declared under section 15(1)(a) of the Ordinance or, as the case may be, the value declared under section 15(1)(b); (b) where the declaration has been made in respect of more than one assessment year, a sum equal to two and a half per cent. of the net wealth declared under section 15(1)(a) of the Ordinance, or, as the case may be, the value declared under section 15(1)(b) of the Ordinance in respect of the last of such assessment years. [Section 15(6) of the Ordinance] 30. Particulars to be furnished in declaration.-- The declaration under section 15(1) of the Ordinance is required to be made to the Commissioner of Wealth-tax concerned. It should be made in duplicate in Form C prescribed under the Voluntary Disclosure of Income and Wealth Rules, 1975, and should be verified in the manner prescribed therein. Where a declaration is made in respect of net wealth, or includes any declaration in respect of net wealth, for any assessment year or years, the declaration has to be accompanied by a return of net wealth for such year or years in the form of return prescribed under section 14 of the Wealth-tax Act, 1957. The verification in Form C includes a solemn declaration by the declarant that the value of all assets held by him through other persons, as also the value of assets held by other persons which are to be included in computing his net wealth, has been shown in the declaration. The declarant has to further declare that the value of assets held by any other person which is not includible in his net wealth has not been shown in the declaration. The declaration has to be signed by the person who is empowered under section 140 of the Income-tax Act, 1961, as amended by the Taxation Laws (Amendment) Act, 1975, to sign the return of income in the case of the declarant. [Section 15(2) and (3) of the Ordinance] 31. Copy of declaration to be forwarded to Wealth-tax Officer.--A copy of the declaration will be forwarded by the Commissioner to the Wealth-tax Officer and the information contained therein may be taken into account for the purposes of proceedings relating to the assessment or reassessment of the net wealth of the declarant for the relevant assessment year or years. The wealth declared under section 15(1) of the Ordinance will thus be included in the net wealth of the declarant in the assessment to be made by the Wealth-tax Officer and charged to tax at the normal rates applicable for the relevant assessment year or years. [Section 15(4) of the Ordinance] 32. The declarant will be given credit in respect of the wealth-tax paid by him in the assessment made under the Wealth-tax Act, 1961, in respect of his net wealth of the relevant assessment year or years. [Section 15(7) of the Ordinance] 33. Time for payment of wealth-tax and for investment in notified Government Securities .--Wealth-tax payable in respect of the net wealth declared under section 15(1)(a) or, as the case may be, the value declared under section 15(1)(b) will have to be paid in accordance with the provisions of section 5 of the Ordinance which have been explained in paragraph 12 of this Circular. The investment in notified Government securities will have to be made within thirty days from the date of making the declaration and no relaxation in this behalf will be permitted. 34. As explained in paragraph 15(iv) of this Circular no wealth-tax is payable by a declarant for any assessment year up to and including the assessment year 1975-76 in respect of any assets specified in the declaration made under section 3(1) of the Ordinance as representing his voluntarily disclosed income. Assets which are so exempt from wealth-tax are, therefore, not required to be shown in the declaration under section 15(1) of the Ordinance. 35.Representative assessees.-- The provisions of Chapter XV of the Income-tax Act, 1961, and Chapter V of the Wealth-tax Act, 1957, relating to liability in the case of representative assessees will apply in relation to the proceedings under this Ordinance as they apply in relation to the proceedings under the respective Acts. [Section 16 of the Ordinance] 36. Scope of benefits, etc., under the Ordinance.-- It has been specifically provided that nothing contained in the Ordinance will be construed as conferring any benefit, concession or immunity on any person other than the person making the declaration. Accordingly, where any income or wealth is disclosed by a person under the Ordinance and subsequently it is found that the income or, as the case may be, the wealth disclosed by the declarant did not, in fact, belong to him, there will be no bar to the inclusion of the income or the wealth in the assessment of the real owner. [Section 17 of the Ordinance] 37. Power to remove difficulties.-- The Central Government has been empowered to remove any difficulty which may arise in giving effect to the provisions of the Ordinance. [Section 18 of the Ordinance] 38. Power to make rules.-- The Board has been empowered to make rules for carrying out the provisions of the Ordinance. In exercise of this power, the Board has already notified the Voluntary Disclosure of Income and Wealth Rules, 1975, which, inter alia, prescribe the forms of declaration under section 3(1), section 14(1) and section 15(1) of the Ordinance. [Section 19 of the Ordinance] (Sd.) R.R. KHOSLA, Director, Central Board of Direct Taxes.