Credit of the amount declared u/s 3(1), VD Act 1976.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....an intimation to the Income-tax Officer regarding the credit of the amount declared in his books of account or any other record. Can the Income-tax records, say, in the Assessment Folder or should he keep it in his personal custody? Answer-A confidential register should be maintained by each Income-tax Officer giving the particulars of such intimations received by him. The individual intimations ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....folder maintained for the purpose. A note under the Income-tax Officer's signature giving particulars of the income some excluded should be placed in the confidential folder referred to in answer to question (1) above; necessary entry under the ITO's dated initials being made on that folder's order sheet. 3. Question- Is any verification envisaged at the time of issuing a certificate u/s 8(2)? ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....laration and /or payment of tax beyond the time allowed by the Commissioner invalidate the declaration? Answer- No. 5. Question- Whether it is necessary to initiate proceedings for assessment or re-assessment to cover income/wealth declared u/s 14(1)/15(1)? What about assessment years beyond the time bar? Answer- A declaration u/s 14(1) may relate to an assessment year for which- (a) No assess....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eclared, in so far as it is permissible under the law. Even for the assessment years for which it is not possible to initiate proceedings because of the time bar, the declarant will remain entitled to the immunities available under the Act, provided he has satisfied the prescribed conditions. The above position will apply, mutatis mutandis, in respect of declarations made u/s 15(1). It may be po....