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of <h1>Voluntary Disclosure of Income Scheme, 1997: Assets Declared Exempt from Wealth-Tax if Previously Unreported or Undervalued</h1> Under the Voluntary Disclosure of Income Scheme, 1997, assets specified in a declaration, such as cash, bullion, shares, debts, or other assets, are exempt from wealth-tax if they were not reported or were undervalued in previous returns. This exemption applies to assets not included in or understated in the net wealth returns for the assessment year starting April 1, 1997, or earlier. The exemption is conditional on fulfilling specific criteria. If a firm makes a declaration, the assets or understated amounts are not considered in calculating the net wealth or partner's interest in the firm.
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