9911796707
TMI BlogFinance Act, 1997--Explanatory Notes on provisions relating to the Voluntary Disclosure of Income Scheme, 1997X X X X Extracts X X X X X X X X Extracts X X X X ..... nto force from the 1st day of July, 1997. Notification to this effect has been issued on 9th June, 1997*. Any person can, therefore, make a disclosure of income on or after this date. The last date for making the disclosure of income is the 31st day of December, 1997. 3. In accordance with the provisions of section 64 of the Finance Act, 1997, a person may make a disclosure in respect of any income chargeable to tax under the Income-tax Act, for any assessment year _ (a) for which he has failed to furnish a return under section 139 of the Income-tax Act, 1961 ; (b) which he has failed to disclose in a return of income furnished by him before the date of commencement of the scheme, i.e., 1st July, 1997 ; (c) which has escaped assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y disclosure of income for any assessment year in relation to which a notice under section 142 or 148 has been served upon him and the return has not been furnished before the 1st day of July, 1997. Further, a person is also debarred from making a disclosure of income in respect of the previous year in which a search is initiated under section 132 or requisition is made under section 132A or a survey under section 133A of the Income-tax Act is carried out. In the case where a search is initiated or a requisition is made under section 132 or 132A respectively, a person is also debarred from making a voluntary disclosure of income in respect of any earlier year prior to the previous year in which the search is initiated or requisition is made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment year 1987-88, the value for purposes of declaration shall be taken to be the value as on April 1, 1987. The expression "jewellery" shall have the same meaning as assigned to it in Explanation (a) to clause (ea) to section 2 of the Wealth-tax Act/Explanation 1 to clause (viii) of section 5 of the Wealth-tax Act, 1957. 7. The declaration shall be filed before the Commissioner of Income-tax. Where a taxpayer resides at a place other than the headquarters of the Commissioner, the declaration along with the challan for payment should be sent to the office of the Commissioner of Income-tax, who in turn, would send the certificate of disclosure and payment of tax by post. The certificate will be issued by the Commissioner of Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this regard. Further, nothing contained in any declaration shall be admissible as evidence against the declarant for the purpose of any proceeding relating to imposition of penalty or launching of prosecution under the Income-tax Act, the Wealth-tax Act, the Foreign Exchange Regulation Act, 1973, or the Companies Act, 1956. 11. In cases where the voluntarily disclosed income is represented by cash, bullion, shares or any other assets and where, (i) the declarant has failed to furnish a return under section 14 of the Wealth-tax Act for any assessment year ; (ii) such assets have not been shown in the return of wealth ; (iii) the disclosure relates to understated investment and where the same was understated in a return of wealth, then no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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