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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Procedure for Voluntary Disclosure of Tax Deficiencies u/s 87(6) of DVAT Act 2004: 80% Penalty Mitigation.</h1> The circular outlines the procedure for voluntary disclosure of tax deficiencies under Section 87(6) of the DVAT Act 2004. It allows dealers to mitigate penalties by 80% if they voluntarily disclose tax deficiencies to the Commissioner during proceedings under Section 60 and pay the deficiency within three working days. Tax deficiencies include discrepancies in cash and stock, which can be recorded as unaccounted sales for previous tax periods. Dealers must make necessary accounting entries, pay the tax deficiency, and file revised returns for prior periods. If the revised return satisfies the Assessing Officer, default assessment post-survey is unnecessary.
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