Voluntary disclosure allows declarants to regularise undisclosed income by declaring and paying tax under prescribed conditions. The Ordinance permits persons with undisclosed income or wealth to make a declaration and pay tax to obtain benefits available only to the declarant. Declarations by minors, women or Hindu undivided families cannot be made to benefit another and are confidential; one primary voluntary disclosure is permitted per person; firms must declare concealed firm income while partners need not declare separately; tax paid under the Ordinance is to be credited irrespective of assessment years, and seized assets retained may be adjusted against declared tax to the extent they correspond to declared undisclosed income.
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 allows declarants to regularise undisclosed income by declaring and paying tax under prescribed conditions.
The Ordinance permits persons with undisclosed income or wealth to make a declaration and pay tax to obtain benefits available only to the declarant. Declarations by minors, women or Hindu undivided families cannot be made to benefit another and are confidential; one primary voluntary disclosure is permitted per person; firms must declare concealed firm income while partners need not declare separately; tax paid under the Ordinance is to be credited irrespective of assessment years, and seized assets retained may be adjusted against declared tax to the extent they correspond to declared undisclosed income.
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