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TMI BlogVoluntary Disclosure of IncomeX X X X Extracts X X X X X X X X Extracts X X X X ..... or section 139 of the Income-tax Act, 1961 (43 of 1961), or (b) which he has failed to disclose in a return of income filed by him on or before the 19th day of August, 1965, under the Indian Income-tax Act, 1922 (11 of 1922), or the Income-tax Act, 1961 (43 of 1961), or (c) which has escaped assessment by reason of the omission or failure on the part of such person to make a return under either of the said Acts to the Income-tax Officer or to disclose fully and truly all material facts necessary for his assessment, he shall, notwithstanding anything contained in the said Acts, be charged income-tax in accordance with sub-section (3) in respect of the amount so declared or if more than one declaration has been made by a person the aggregate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debts due from other persons, commodities or any other assets, and the name in which it is held and location thereof. (3) Income-tax shall be charged on the amount of the voluntarily disclosed income - (a) where the declarant is a person other than a company, at the rates specified in Paragraph A, and (b) where the declarant is a company, at the rates specified in Paragraph F, of Part I of the First Schedule to the Finance Act, 1965 (10 of 1965), as if such amount were the total income of the declarant, so, however, that - (i) the proviso to the said Paragraph A or, as the case may be, the second proviso to the said Paragraph F shall not apply; (ii) where the declarant is a person other than a company, the voluntarily disclosed income shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s is referred to in clause (b)] and forward a copy thereof to the declarant : Provided that no order under this sub-section shall be made unless the declarant has been given an opportunity of being heard. (b) For the purposes of this section, income shall be deemed to have been detected by the Income-tax Officer if - (i) on the basis of any statement, information, document or other relevant material (including any asset seized under section 132 of the Income-tax Act, 1961 (43 of 1961), which is in the knowledge or possession of the Income-tax Officer before the date of the declaration, or (ii) on the basis of any statement, information, document or other relevant material (including any asset seized under any other law for the time being in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Schedule to, that Act shall, as far as may be, apply accordingly as if the said sum were a sum payable under that Act : Provided that nothing contained in the said Chapter XVII-D shall be deemed to authorise the Income-tax Officer to extend the time for payment of the tax due or allow payment thereof in instalments unless - (i) such amount as is not less than ten per cent. of the amount specified as payable in the notice of demand is paid by the declarant within thirty-five days of the service of the notice; and (ii) the previous authority of the Commissioner is obtained by him for allowing payment of the balance by instalments : Provided further that - (i) the Commissioner shall in no case authorise payment by instalments unless the decla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 1964), or claim any set-off or relief in any appeal, reference, revision or other proceeding in relation to any such assessment or reassessment. (10)(a) The amount of the voluntarily disclosed income shall not be included in the total income of the declarant for any assessment year under any of the Acts mentioned in sub-section (9) if he has credited such amount in the books of account, if any, maintained by him for any source of income or in any other record. (b) The credit made shall be intimated by the declarant to the Income-tax Officer. (11) Notwithstanding anything contained hereinabove or in any other law for the time being in force, nothing contained in any declaration made under this section shall be admissible as evidence agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under the said Act. (14) Any payment of income-tax under this section shall be made by depositing the amount to the credit of the Central Government at a Government treasury or sub-treasury, or at any branch of the Reserve Bank of India, or at any branch of the State Bank of India, or at any of its agencies conducting Government treasury business. (15) The Commissioner shall on an application by the declarant grant a certificate to him setting forth the particulars of the voluntarily disclosed income and the amount of income-tax paid in respect of the same and the date of payment : Provided that no certificate under this sub-section shall be granted unless the income-tax charged in pursuance of sub-section (3) of this section and the intere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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