Voluntary Disclosure of Income Scheme enables taxpayers to regularise undisclosed income by paying prescribed tax and securing confidentiality protections. The Voluntary Disclosure of Income Scheme, 1997 permits disclosure of untaxed or undisclosed income for assessment years where returns were not filed, income was omitted, or escaped assessment; disclosures of wealth are excluded. Tax at specified rates must be paid before filing or within three months with interest; failure to pay within that period voids the declaration. Declarations in prescribed form, supported by documentation, are filed with the Commissioner who issues a certificate on full payment. Declarations are confidential and inadmissible in penalty or prosecution proceedings, subject to listed exceptions.
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 Disclosure of Income Scheme enables taxpayers to regularise undisclosed income by paying prescribed tax and securing confidentiality protections.
The Voluntary Disclosure of Income Scheme, 1997 permits disclosure of untaxed or undisclosed income for assessment years where returns were not filed, income was omitted, or escaped assessment; disclosures of wealth are excluded. Tax at specified rates must be paid before filing or within three months with interest; failure to pay within that period voids the declaration. Declarations in prescribed form, supported by documentation, are filed with the Commissioner who issues a certificate on full payment. Declarations are confidential and inadmissible in penalty or prosecution proceedings, subject to listed exceptions.
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