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of <h1>Voluntary Disclosure of Income Scheme 1997: Tax Rates and Exclusions for Undisclosed Income Revealed Under Finance Act</h1> The Voluntary Disclosure of Income Scheme, 1997, under the Finance Act, 1997, imposes a tax on income voluntarily disclosed by individuals or entities who failed to file or fully disclose their income under the Income-tax Act. For declarations made between the scheme's commencement and December 31, 1997, companies and firms are taxed at 35%, while other entities are taxed at 30%. This scheme does not apply to income for which a notice under sections 142 or 148 has been served without a return filed, or income from years involving searches, requisitions, or surveys under sections 132, 132A, or 133A.
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