Exemption from wealth tax for assets declared under the income declaration scheme, subject to scheme conditions and disclosure limits. Exemption from wealth tax applies to assets declared under the Income Declaration Scheme, 2016 where undisclosed income is represented by specified assets omitted, unreported or understated in wealth tax returns; assets omitted or unreported are excluded from net wealth, and understated amounts are ignored to the extent they correspond to voluntarily disclosed income used to acquire the assets, with special rules for firm declarations and subject to fulfilment of scheme conditions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exemption from wealth tax for assets declared under the income declaration scheme, subject to scheme conditions and disclosure limits.
Exemption from wealth tax applies to assets declared under the Income Declaration Scheme, 2016 where undisclosed income is represented by specified assets omitted, unreported or understated in wealth tax returns; assets omitted or unreported are excluded from net wealth, and understated amounts are ignored to the extent they correspond to voluntarily disclosed income used to acquire the assets, with special rules for firm declarations and subject to fulfilment of scheme conditions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
