The Voluntary Disclosure of Income and Wealth Ordinance, 1975-Clarifications regarding - Income Tax - 184/1975

Circular No. 184 Dated 14/11/1975 Subject: The Voluntary Disclosure of Income and Wealth Ordinance, 1975-Clarifications regarding. Enquiries have been made about the immunity to a company from prosecution, etc., under the Companies Act in case a disclosure is made by the company in respect of its undisclosed income. An apprehension has been expressed that in the event of a disclosure by a company, some actions may be taken against it by the Company Law Administration for furnishing false statements of profit and loss accounts. 2. It is clarified that the Department of Company Affairs will not invoke the penal provisions of the Companies Act in regard to the matters arising out of a declaration in respect of voluntarily disclosed income made under section 3(1) of the Voluntary Disclosure of Income and Wealth Ordinance, 1975. Similarly, provisions of the Companies Act will not be invoked to collect information in regard to the periods, to which income so disclosed, relates.