<h1>Voluntary disclosure scheme offers specified tax, surcharge and penalty structure and mandatory locked deposit conditions for undisclosed income.</h1> The Act introduced a voluntary disclosure scheme permitting declarations of undisclosed cash or deposits against a prescribed composite charge of tax, surcharge and penalty plus a mandatory interest free locked deposit; declared income is excluded from total income for assessment, declarations are inadmissible as evidence in civil statutes, and specified criminal immunity is not provided. Non declaration attracts higher tax, surcharge and cess, additional penalties and possible prosecution, and search and seizure penalty slabs have been rationalised with a reduced penalty where income is admitted and taxes paid.