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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clarification on Penalties u/s 10 of Compulsory Deposit Scheme for Earlier Income Declarations.</h1> The circular clarifies the approach towards penalties under section 10 of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, for taxpayers declaring higher income for the assessment year 1985-86 or earlier. Initially, taxpayers declaring income before March 31, 1986, were promised a liberal and sympathetic evaluation. This benefit was later extended to those declaring income by September 30, 1986, for the assessment year 1986-87 or earlier. The Department's officers are instructed to apply this lenient approach to encourage voluntary income disclosures under the amnesty circulars. A Hindi version of the circular will be issued subsequently.
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