https://www.taxtmi.com/acts?id=21317 Section 194 exempts from wealth-tax assets representing undisclosed income when specified in a section 183 declaration under the Income Declaration Scheme, 2016. Assets that were not shown or for which no wealth-tax return was filed for the relevant assessment years shall not be included in net wealth and shall be exempt. Where assets were understated, the understated amount up to the voluntarily disclosed income used to acquire them shall be excluded from net wealth computation. Declarations by firms exclude such assets or understatement adjustments from computation of any partner's net wealth, subject to fulfilling the conditions in section 187(1) and (2). en-us Fri, 06 May 2016 18:49:52 +0530 Wed, 03 May 2017 14:46:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=21317 Section 194 exempts from wealth-tax assets representing undisclosed income when specified in a section 183 declaration under the Income Declaration Scheme, 2016. Assets that were not shown or for which no wealth-tax return was filed for the relevant assessment years shall not be included in net wealth and shall be exempt. Where assets were understated, the understated amount up to the voluntarily disclosed income used to acquire them shall be excluded from net wealth computation. Declarations by firms exclude such assets or understatement adjustments from computation of any partner's net wealth, subject to fulfilling the conditions in section 187(1) and (2). Act-Rules F. Acts / Amendment Acts Fri, 06 May 2016 18:49:52 +0530 https://www.taxtmi.com/acts?id=21317