Voluntary disclosure scheme permits taxpayers to regularise undisclosed income and wealth subject to tax payment, investment and conditional immunities. The Ordinance creates a limited voluntary disclosure scheme enabling a person to make a single prescribed, verified declaration of undisclosed income or net wealth to the Commissioner, pay tax (with limited instalments and security options), and invest a prescribed portion in notified Government securities within a short time. On payment and investment and after making required book entries the declarant receives conditional immunities from assessment, penal proceedings and prosecution in respect of the declared items, while confidentiality and normal recovery powers for defaults are preserved.
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 scheme permits taxpayers to regularise undisclosed income and wealth subject to tax payment, investment and conditional immunities.
The Ordinance creates a limited voluntary disclosure scheme enabling a person to make a single prescribed, verified declaration of undisclosed income or net wealth to the Commissioner, pay tax (with limited instalments and security options), and invest a prescribed portion in notified Government securities within a short time. On payment and investment and after making required book entries the declarant receives conditional immunities from assessment, penal proceedings and prosecution in respect of the declared items, while confidentiality and normal recovery powers for defaults are preserved.
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