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of <h1>Section 46 of Finance Act 1967: Immediate Tax Due on Voluntarily Disclosed Income, Overrides Section 68, Extends Payment Period.</h1> Section 46 of the Finance (No. 2) Act, 1967, addresses the recovery of income tax on voluntarily disclosed income. It overrides section 68 of the Finance Act, 1965, stipulating that unpaid tax on declared income becomes due immediately after the specified period ends, as per a notice of demand under section 156 of the Income-tax Act. The provisions of Chapters XV and XVII-D, along with the Second and Third Schedules of the Income-tax Act, apply with modifications, extending the reference period from one year to two years. Any outstanding tax paid or recovered after this period is considered tax paid under section 68.
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