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of <h1>Board Clarifies Income Disclosure Rules: Only Income Up to 1975-76 Eligible Under Voluntary Disclosure Act, 1976.</h1> The circular addresses issues with declarations under the Voluntary Disclosure of Income and Wealth Act, 1976, specifically concerning income disclosure for assessment years beyond 1975-76. Declarants often failed to specify the relevant assessment years correctly, leading to potential tax liabilities for undeclared income for subsequent years. The Board emphasizes that only income up to the 1975-76 assessment year qualifies for voluntary disclosure. Declarants are advised to file affidavits clarifying any income related to later years. Remedial actions are urged for any discrepancies, with instructions for commissioners to review and report such cases promptly.
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