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of <h1>Rewards for Income-tax Officers Under Voluntary Disclosure Scheme 1975 Are Taxable, Not Exempt u/ss 10(17B) or 10(3.</h1> The circular addresses the taxation of rewards given to officers and staff of the Income-tax Department and other related departments for their work on the Voluntary Disclosure Scheme, 1975. The reward, equivalent to one month's basic pay, was not exempt under section 10(17B) or 10(3) of the Income Tax Act, thus making it taxable. The circular instructs that these payments should be taxed and considered for the Compulsory Deposit Scheme. It advises filing appeals in case of adverse appellate decisions and initiating reassessment proceedings if the payment escaped assessment.
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