Voluntary disclosure immunity: admit concealed income or wealth and pay tax to avoid penalty and prosecution under the scheme.

The circular prescribes that taxpayers making voluntary disclosures of concealed income or wealth must fully disclose amounts, file or re-file returns for the relevant years and produce evidence of tax payment within the immunity period; completed assessments require approach to the Commissioner, pending assessments require revised returns, and declarations made before detection attract immunity from penalty and prosecution provided the taxpayer admits the truth and pays taxes, subject to exclusions such as prior departmental detection and unaffected liabilities like compulsory deposits and estate duty.

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