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of <h1>Finance Act 1985: No Penalties for Declaring Higher Income by March 31, 1986, u/s 10, CDS (ITP) Act 1974.</h1> The Finance Act of 1985 aims to improve tax compliance by rationalizing personal income tax rates. The government has clarified through various circulars that individuals who declare higher income for the assessment year 1986-87 will be assessed at normal rates without penalties or prosecution, and prior assessments will not be reopened solely on this basis. For earlier years, if higher incomes are declared voluntarily by March 31, 1986, no penalties will apply. Concerns about penalties under Section 10 of the CDS (ITP) Act, 1974, have been addressed, indicating that no penalties will be imposed if there was a reasonable cause for not making compulsory deposits. Officers are instructed to follow these guidelines.
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