Voluntary disclosure of income now requires a filed return and exceeds a minimum additional tax threshold to qualify. An application for voluntary disclosure is permitted only where the assessee has furnished the required return and the additional amount of income-tax on the disclosed income exceeds a specified threshold. For disclosures relating to a single year, tax is computed as if the disclosed income were total income where no return was filed; as tax on the aggregate of returned total income and disclosed income where a return was filed; and as tax on the aggregate of the earlier assessed total income and disclosed income where reassessment proceedings are pending and no return was filed during those proceedings, with additional tax determined by reducing tax on the aggregate by tax already computed.
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 now requires a filed return and exceeds a minimum additional tax threshold to qualify.
An application for voluntary disclosure is permitted only where the assessee has furnished the required return and the additional amount of income-tax on the disclosed income exceeds a specified threshold. For disclosures relating to a single year, tax is computed as if the disclosed income were total income where no return was filed; as tax on the aggregate of returned total income and disclosed income where a return was filed; and as tax on the aggregate of the earlier assessed total income and disclosed income where reassessment proceedings are pending and no return was filed during those proceedings, with additional tax determined by reducing tax on the aggregate by tax already computed.
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