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of <h1>Voluntary Income Disclosure Under Finance Act 1965: Declare Past Income, Pay 60% Tax, Maintain Confidentiality</h1> Section 68 of the Finance Act, 1965, outlines the voluntary disclosure of income provisions. Individuals can declare undisclosed income from prior assessment years under specific conditions, including paying a 60% tax rate or providing security for payment. Declarations must be made between March 1 and June 1, 1965, to the Commissioner and include detailed financial information. Once declared and taxed, the income is excluded from future assessments, and no refunds or reassessments are allowed. Confidentiality is maintained, barring public disclosure of declaration details. Payments are made to the Central Government through designated banks or treasuries.
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