https://www.taxtmi.com/circulars?id=4847 Declaration of higher income suo motu before the prescribed deadline will not by itself trigger penal consequences; taxpayers will be assessed at normal rates and earlier assessments will not be reopened on that ground. For years when the Compulsory Deposit Scheme applied, the obligation to make the compulsory deposit continues, but liability to penalty under section 10 will be considered liberally in view of the reasonable cause defence, and officers are instructed to facilitate such voluntary disclosures. en-us Thu, 13 Feb 1986 00:00:00 +0530 Mon, 04 Aug 2008 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4847 Declaration of higher income suo motu before the prescribed deadline will not by itself trigger penal consequences; taxpayers will be assessed at normal rates and earlier assessments will not be reopened on that ground. For years when the Compulsory Deposit Scheme applied, the obligation to make the compulsory deposit continues, but liability to penalty under section 10 will be considered liberally in view of the reasonable cause defence, and officers are instructed to facilitate such voluntary disclosures. Circulars Income Tax Thu, 13 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4847