Declaration of higher income before 31-3-1986 for earlier assessment years-Liability of penalty under section 10 of Compulsory Deposit Scheme (Income-tax Payers) Act, 1974-Clarification regarding

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....-tax Payers) Act, 1974-Clarification regarding Circular No.450 Dated 13/2/1986 The Finance Act, 1985, has with the objective of securing better tax compliance, rationalised the rates of personal income-tax. In certain earlier circulars issued by the Government, it has been made clear that those who declare higher incomes or wealth for assessment year 1986-87 will be assessed at normal rates app....

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....y to make the deposit under the Compulsory Deposit Scheme (Income-tax Payers) Act in respect of assessment year 1985-86 or earlier assessment years remains, the position in respect of liability to penalty under section 10 of this Act is somewhat different. By virtue of the amendment brought about in this section by the Finance (No. 2) Act, 1980, with retrospective effect from April 1, 1975, no pen....