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of <h1>No Penalties for Higher Income Declarations in 1986-87; Past Assessments Untouched, Section 10 Flexibility for Earlier Years.</h1> The circular clarifies that individuals who declare higher incomes or wealth for the assessment year 1986-87 will not face penalties or prosecution, and their past assessments will remain unchanged. Those declaring higher incomes for the assessment year 1985-86 or earlier, when the Compulsory Deposit Scheme was active, may still be required to make deposits under the scheme. However, due to amendments in the Finance Act, penalties under section 10 of the Compulsory Deposit Scheme Act will not apply if reasonable cause for default is shown. The Department will consider these declarations sympathetically, encouraging full disclosures without fear of penalties.
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