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of <h1>Finance Act 1985 Simplifies Tax Laws, Encourages Voluntary Compliance with Penalties for Non-Disclosure by March 31, 1986.</h1> The Finance Act, 1985 aims to enhance voluntary tax compliance by simplifying Direct Tax Laws and rationalizing personal income tax rates. The Department will accept income declarations from non-corporate assessees with income up to Rs. one lakh, expecting increased voluntary compliance and disclosure of previously undeclared income. Strict penalties will apply to those who fail to voluntarily declare taxable income by March 31, 1986. However, a liberal approach will be adopted for taxpayers who disclose past undeclared income in their current year estimates, unless evidence suggests significant evasion. This strategy targets reducing black money affecting the economy.
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