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of <h1>Voluntary Disclosure Scheme 1997: Declare Undisclosed Income by Dec 31, 1997, with Confidentiality; Tax at 30-35% Applies.</h1> The Finance Act, 1997, introduced the Voluntary Disclosure of Income Scheme, effective from July 1, 1997, allowing individuals to disclose previously undeclared income for any assessment year, including 1997-98, until December 31, 1997. Disclosures are subject to tax rates of 35% for companies and firms, and 30% for others, payable before filing the declaration. The scheme excludes disclosures related to ongoing assessments or investigations. Declarations must be submitted to the Commissioner of Income-tax in a prescribed form, with confidentiality assured. However, immunity provisions do not apply to individuals involved in certain legal actions or offenses.
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