Guidelines for Handling Declarations Under VD Act 1976: Confidential Records, Certificates, and Declarant Immunities Explained.

The circular provides instructions regarding the handling of declarations made under Section 3(1) of the VD Act 1976. Income-tax officers are required to maintain confidential records for such declarations, including confidential registers and folders. If income is excluded from assessments due to a declaration, a confidential note must be made. Certificates under Section 8(2) are issued only after tax payment and investment in government securities. Declarations under Sections 14(1) and 15(1) may relate to various assessment scenarios, and actions for assessment or re-assessment should be initiated when permissible. Declarants retain immunities if conditions are met, even if time-barred for certain years.