Declaration of undisclosed income allowed for cash and specified-deposit accounts under scheme, subject to exclusions and procedural conditions. The circular explains that the Scheme permits declaration of undisclosed income only when represented as cash or deposits with specified entities (including banks and post offices), excluding assets and foreign bank deposits; declarations are available despite assessment notices or search/survey actions, no credit for advance tax, TDS or TCS is allowed, seized cash may be adjusted towards tax, surcharge and penalty (but not for the mandatory deposit), deposits by any transfer mode and certain returned advances are eligible.
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.
Declaration of undisclosed income allowed for cash and specified-deposit accounts under scheme, subject to exclusions and procedural conditions.
The circular explains that the Scheme permits declaration of undisclosed income only when represented as cash or deposits with specified entities (including banks and post offices), excluding assets and foreign bank deposits; declarations are available despite assessment notices or search/survey actions, no credit for advance tax, TDS or TCS is allowed, seized cash may be adjusted towards tax, surcharge and penalty (but not for the mandatory deposit), deposits by any transfer mode and certain returned advances are eligible.
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