Voluntary wealth disclosure allows taxpayers to regularise past undervaluation and obtain immunity from penalty if tax is paid by the stated deadline. Taxpayers liable to wealth-tax are invited to make voluntary disclosure of true net wealth, including past suppression or undervaluation of assets, and to pay wealth-tax for the relevant years at the applicable rates; those who come forward suo motu before departmental detection and pay the tax will be granted immunity from penalty and prosecution, whether assessments for earlier years are pending or completed, subject to a limited-time condition and submission to the Commissioner of Wealth-tax.
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 wealth disclosure allows taxpayers to regularise past undervaluation and obtain immunity from penalty if tax is paid by the stated deadline.
Taxpayers liable to wealth-tax are invited to make voluntary disclosure of true net wealth, including past suppression or undervaluation of assets, and to pay wealth-tax for the relevant years at the applicable rates; those who come forward suo motu before departmental detection and pay the tax will be granted immunity from penalty and prosecution, whether assessments for earlier years are pending or completed, subject to a limited-time condition and submission to the Commissioner of Wealth-tax.
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