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of <h1>Q&A Clarifies 1997 Voluntary Disclosure Scheme: Asset Valuation, Minor Income, Firm Procedures, and Immunity Details.</h1> The Voluntary Disclosure of Income Scheme, 1997, introduced by the Finance Act, 1997, allows individuals and entities to declare previously undisclosed income. The circular addresses public queries regarding the scheme's scope and procedures through a Q&A format. Key clarifications include the valuation of assets acquired before April 1, 1987, the declaration of income by minors, and the process for firms with concealed income. The scheme provides immunity from penalties and prosecution but not from interest charges. It also specifies that declarations are finalized upon issuance of a certificate by the Commissioner of Income Tax. The scheme does not permit multiple declarations or declarations for years affected by searches or notices under certain sections.
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