Voluntary disclosure of income permits declaration and payment or secured undertaking to settle tax liabilities under prescribed conditions. Voluntary disclosure allows persons who omitted or whose income escaped assessment before a specified date to declare such income to the Commissioner and be charged tax at a prescribed rate. Declarations must state assessment status, amounts and years, and asset form and location. A declarant may pay the tax, furnish adequate security (bank guarantee or assignment of government securities) with an undertaking to pay within a set period, or make an interim payment with security and assignment of assets for the balance. Tax so paid is non refundable and bars reopening or claiming relief; particulars are confidential and a certificate of payment is issued.
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.
Voluntary disclosure of income permits declaration and payment or secured undertaking to settle tax liabilities under prescribed conditions.
Voluntary disclosure allows persons who omitted or whose income escaped assessment before a specified date to declare such income to the Commissioner and be charged tax at a prescribed rate. Declarations must state assessment status, amounts and years, and asset form and location. A declarant may pay the tax, furnish adequate security (bank guarantee or assignment of government securities) with an undertaking to pay within a set period, or make an interim payment with security and assignment of assets for the balance. Tax so paid is non refundable and bars reopening or claiming relief; particulars are confidential and a certificate of payment is issued.
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