Voluntary Disclosure of Income

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ding under either of the said Acts has been taken before the 1st day of March, 1965, he shall, notwithstanding anything contained in the said Acts, be charged income tax at the rate specified in sub section (3) in respect of the amount so declared if he, (i) pays the amount of income tax as computed at the said rate, or (ii) furnishes adequate security for the payment thereof in accordance with sub section (4) and undertakes to pay such income tax within a period, not exceeding six months, from the date of the declaration as may be specified by him therein, or (iii) on or before the 31st day of May, 1965, pays such amount as is not less than one half of the amount of income tax as computed at the said rate or f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cent. of such amount : Provided that if before the 1st day of April, 1965, the tax on the amount declared is paid by the declarant at the rate of fifty seven per cent. of such amount, he shall not be liable to pay any further tax on such amount. (4) A person shall not be considered to have furnished adequate security for the payment of the tax for the purposes of sub section (1) unless the payment is guaranteed by a scheduled bank or the person makes an assignment, in favour of the President of India, of any security of the Central or State Government. Explanation : For the purposes of this sub section, where an assignment of Government securities is made in favour of the President, the amount covered by such assignment shall be th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rtificate shall set forth the particulars of the amount stated in the declaration, the amount of income tax paid in respect of the same and the date of payment. (8)(a) All particulars contained in any declaration made under this section or record of any proceeding under this section shall be treated as confidential and, notwithstanding anything contained in any law for the time being in force, no court shall be entitled to require any public servant to produce before it any such declaration or record or any part thereof or to give evidence before it in respect thereof. (b) No public servant shall disclose any particulars contained in any such declaration or record except to any officer employed in the execution of any of the acts ment....