Voluntary disclosure of income: file a verified declaration, pay the flat-rate tax, and obtain a certificate to finalise immunity. The Voluntary Disclosure of Income Scheme, 1997 permits a single verified declaration of undisclosed income, requires full payment of the specified flat-rate tax within three months to avoid voiding, and finalises the declaration only upon issuance of a certificate by the Commissioner. Jewellery acquired before 1-4-1987 must be valued as of that date by a valuer, other assets at acquisition cost, and declared amounts must be credited in books or other records; immunity from penalty and prosecution is provided subject to scheme limits and restrictions where searches or certain surveys have occurred.
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: file a verified declaration, pay the flat-rate tax, and obtain a certificate to finalise immunity.
The Voluntary Disclosure of Income Scheme, 1997 permits a single verified declaration of undisclosed income, requires full payment of the specified flat-rate tax within three months to avoid voiding, and finalises the declaration only upon issuance of a certificate by the Commissioner. Jewellery acquired before 1-4-1987 must be valued as of that date by a valuer, other assets at acquisition cost, and declared amounts must be credited in books or other records; immunity from penalty and prosecution is provided subject to scheme limits and restrictions where searches or certain surveys have occurred.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
