The Voluntary Disclosure of Income and Wealth Act, 1976
No.8 OF 1976
An Act to provide for voluntary disclosure of
income and wealth and for matters connected therewith or incidental
thereto.
Comment: This is inter alia a
revenue generating legislation.
BE
it enacted by Parliament in the Twenty-sixth Year of the Republic of
India as follows:--
1.Short title, extent and
commencement.- (1) This Act may be called the Voluntary
Disclosure of Income and Wealth Act, 1976.
(2) It extends to
the whole of India.
(3) It shall be deemed to have come into
force on the 8th day of October, 1975.
2.Definition.- In this Act,
unless the context otherwise requires,--
(a) (i) "Gold
(Control) Act" means the Gold (Control) Act, 1968(45 of
1968);
(ii) "Income-tax Act" means the Income-tax Act,
1961(43 of 1961);
(iii) "Wealth-tax Act" means the Wealth-tax
Act, 1957(27 of 1957);
(b) all other words and
expressions used in this Act but not defined and defined in the
Income-tax Act shall have the meanings respectively assigned to them
in that Act.
3.Charge
of income-tax on voluntarily disclosed income.- (1) Subject to
the provisions of this Act, where any person makes, on or after the
date of commencement of this Act but before the 1st day of January,
1976, a declaration in accordance with the provisions of section 4
in respect of any income inchargeable to tax under the Indian
Income-tax Act, 1922 (11 of 1922)or the Income-tax Act for any
assessment year—
(a) for which he has failed to furnish a
return under section 139 of the Income-tax Act, or
(b) which
he has failed to disclose in a return of income furnished by him
under the Income-tax Act before the date of commencement of this
Act, or
(c ) which has escaped assessment by reason of the
omission or failure on the part of such person to make a return
under the Indian Income-tax Act, 1922(11 of 1922) or the Income-tax
Act or to disclose fully and truly all material facts necessary for
his assessment or otherwise,
then, notwithstanding
anything contained in the Indian Income-tax Act, 1922 (11 of 1922)or
the Income-tax Act or in any Finance Act, income-tax shall be
charged in respect of the income so declared (such income being
hereinafter referred to as the voluntarily disclosed income) at the
rate or rates specified in the Schedule.
(2) Nothing
contained in sub-section (1) shall apply in relation to—
(i)
the income assessable for any assessment year to which a notice
under section 139 or section 148 of the Income-tax Act has been
served upon such person and the return has not been furnished before
the commencement of this Act;
(ii) where any books of
account, other documents, money, bullion, jewellery or other
valuable articles or things belonging to the person making the
declaration under sub-section (1) (hereafter in this section, in
sections 4 to 13 and in the Schedule referred to as the declarant)
have been seized as a result of any search under section 132 of the
Income-tax Act or under section 37A of the Wealth-tax Act, the
income in respect of the previous year in which such search was made
or any earlier previous year.
(3) In addition to the amount
of income-tax to be paid under sub-section (1), the declarant shall
invest a sum equal to five per cent.of the amount of the voluntarily
disclosed income in such securities as the Central Government may
notify in this behalf in the Official Gazette.
4.Particulars to be furnished
in declaration.- (1) The declaration under sub-section (1) of
section 3 shall be made to the Commissioner and shall be in such
form and shall be verified in such manner as may be prescribed by
rules made by the Board.
(2) The declaration shall be
signed—
(a) where the declarant is an individual, by the
individual himself; where such individual is absent from India, by
the individual concerned or by some person duly authorised by him in
his behalf; and where the individual is mentally incapacitated from
attending to his affairs, by his guardian or by any other person
competent to act on his behalf;
(b) where the declarant is a
Hindu undivided family, by the Karta, and where the Karta is absent
from India or is mentally incapacitated from attending to his
affairs, by any other adult member of such family;
(c ) where
the declarant is a company, by the managing director thereof, or
where for any unavoidable reason such managing director is not able
to sign the declaration or where there is no managing director, by
any director thereof;
(d) where the declarant is a firm, by
the managing partner thereof, or where for any unavoidable reason
such managing partner is not able to sign the declaration, or where
there is no managing partner as such, by any partner thereof, not
being a minor;
(e) where the declarant is any other
association, by any member of the association or the principal
officer thereof; and
(f) where the declarant is any other
person, by that person or by some person competent to act on his
behalf.
(3) Any person, who has made a declaration under
sub-section (1) of section 3 in respect of his income, or as a
representative assessee in respect of the income of any other
person, shall not be entitled to make any other declaration under
that sub-section in respect of his income or, as the case may be,
the income of such other person, and any such other declaration, if
made, shall be deemed to be void.
5.Time for payment of
income-tax and for investment in notified securities.- (1)
Subject to the provisions of sub-section (2), the income-tax payable
under this Act in respect of the voluntarily disclosed income shall
be paid by the declarant before making the declaration and the
declaration shall be accompanied by proof of payment of such
tax.
(2) If the Commissioner is satisfied, on an application
made in this behalf by the declarant, that the declarant is unable,
for good and sufficient reasons, to pay the full amount of
income-tax in respect of the voluntarily disclosed income in
accordance with sub-section (1), he may extend the time for payment
of the amount which remains unpaid or allow payment thereof by
instalments if the declarant furnishes adequate security for the
payment thereof; so, however, that an amount which is not less than
one-half of the amount of income-tax payable in respect of the
voluntarily disclosed income shall be paid on or before the 31st day
of March, 1976 and the remainder, if any, on or before the 31st day
of March, 1977.
(3) The security required to be furnished by
a declarant for the purposes of sub-section (2) shall be in such
form and in such manner as the Commissioner may, in his discretion,
direct.
(4) The investment in the securities referred to in
sub-section (3) of section 3 shall be made by the declarant within
thirty days from the date on which the declaration is made by him
under sub-section (1) of that section.
6.Interest payable by
declarant.- If the amount of income-tax payable in respect of
the voluntarily disclosed income is not paid on or before the 31st
day of March, 1976, the declarant shall be liable to pay simple
interest at twelve per cent.per annum on the amount remaining unpaid
from the 1st day of April, 1976 to the date of payment and the
provisions of the Income-tax Act and the rules made thereunder
shall, so far as may be, apply as if the interest payable under this
section were interest payable under sub-section (2) of the section
220 of that Act.
7.Mode of recovery.- (1) If
the declarant fails to pay the income-tax in respect of the
voluntarily disclosed income within the time allowed under
sub-section (2) of section 5 or to invest the amount required to be
invested in the securities referred to in sub-section (3) of section
3 within the time specified in sub-section (4) of section 5, the
declarant shall be deemed to be in default.
(2) The
provisions contained in sections 221 to 227, 229, 231 and 232 of the
Income-tax Act and the Second and Third Schedules to that Act and
any rule made thereunder shall, so far as may be, apply as if the
said provisions were provisions of this Act and referred to
income-tax and sums payable by way of penalty and interest under
this Act instead of to tax and sums by way of penalty and interest
payable under that Act and to the declarant instead of to the
assessee.
(3) Any arrears in respect of the amount required
to be invested by the declarant in the securities referred to in
sub-section (3) of section 3 shall be recoverable in accordance with
the provisions of sub-section (2) as if such arrears were arrears of
income-tax and the amount so recovered shall be utilised for the
purchase of such securities in the name of the declarant.
8.Voluntarily disclosed income
not to be included in the total income.- (1) The amount of the
voluntarily disclosed income shall not be included in the total
income of the declarant for any assessment year under the Indian
Income-tax Act, 1922 (11 of 1922) or the Income-tax Act, or the
Excess Profits Tax Act, 1940 (15 of 1940)or the Business Profits Tax
Act, 1947(21 of 1947) or the Super Profits Tax Act, 1963(14 of 1963)
or the Companies (Profits) Surtax Act, 1964 (7 of 1964), if the
following conditions are fulfilled, namely:--
(i) the
declarant credits such amount in the books of account, if any,
maintained by him for any source of income or in any other record,
and intimates the credit so made to the Income-tax
Officer;
(ii) the income-tax in respect of the voluntarily
disclosed income is paid by the declarant; and
(iii) the
amount required to be invested in the securities referred to in
sub-section (3) of section 3 is so invested by the
declarant.
(2) The Commissioner shall, on an application made
by the declarant, grant a certificate to him setting forth the
particulars of the voluntarily disclosed income, the amount of
income-tax paid in respect of the same, the amount of investment
made in the securities referred to in sub-section (3) of section 3
and the date of payment and investment.
9.Voluntarily disclosed income
not to affect finality of completed assessments, etc..- The
declarant shall not be entitled, in respect of the voluntarily
disclosed income or any amount of income-tax paid thereon, to reopen
any assessment or re-assessment made under any of the Acts mentioned
in sub-section (1) of section 8 or claim any set off or relief in
any appeal, reference or other proceeding in relation to any such
assessment or reassessment.
10.Income-tax in respect of
voluntarily disclosed income not refundable.- Any amount of
income-tax paid in pursuance of a declaration made under sub-section
(1) of section 3 shall not be refundable under any
circumstances.
11.Declaration not admissible
in evidence against declarant.- Notwithstanding anything
contained in any other law for the time being in force, nothing
contained in any declaration made under sub-section (1) of section 3
shall be admissible in evidence against the declarant for the
purpose of any proceeding relating to imposition of penalty or for
the purposes of prosecution under any of the Acts mentioned in
sub-section (1) of section 8 or the Wealth-tax Act.
12.Secrecy of declaration.-
(1) All particulars contained in a declaration made under
sub-section (1) of section 3 shall be treated as confidential and,
notwithstanding anything contained in any law for the time being in
force, no court or any other authority shall be entitled to require
any public servant or the declarant to produce before it any such
declaration or any part thereof or to give any evidence before it in
respect thereof.
(2) No public servant shall disclose any
particulars contained in any such declaration except to any officer
employed in the execution of any of the Acts mentioned in
sub-section (1) of section 8, or the Wealth-tax Act, or to any
officer appointed by the Comptroller and Auditor-General of India or
the Board to audit income-tax receipts or refunds.
(3) The
provisions of sub-sections (1) and (2) shall apply in relation to
all documents and particulars relating to the investment in the
securities referred to in sub-section (3) of section 3 (including
the payment of interest on such securities) as they apply in
relation to the declaration made under sub-section (1) of that
section and the particulars contained therein.
13.Exemption from wealth-tax in
respect of assets specified in declaration.- (1) Where the
voluntarily disclosed income is represented by cash (including bank
deposits), bullion, investment in shares, debts due from other
persons, commodities or any other assets specified in the
declaration made under sub-section (1) of section 3—
(a) in
respect of which the declarant has failed to furnish a return under
section 14 of the Wealth-tax Act for the assessment year commencing
on the 1st day of April, 1975 or any earlier assessment year or
years, or
(b) which have not been shown in the return of net
wealth furnished by him for the said assessment year or years,
or
(c ) which have been understated in value in the return of
net wealth furnished by him for the said assessment year or
years,
then, notwithstanding anything contained in the
Wealth-tax Act or any rules made thereunder,--
(i) wealth-tax
shall not be payable by the declarant in respect of the assets
referred to in clause (a), or clause (b) and such assets shall not
be included in his net wealth for the said assessment year or
years;
(ii) the amount by which the value of the assets
referred to in clause (c) has been understated in the return of net
wealth for the said assessment year or years, to the extent such
amount does not exceed the voluntarily disclosed income utilised for
acquiring such assets, shall not be taken into account in computing
the net wealth of the declarant for the said assessment year or
years.
Explanation.—Where a declaration under sub-section (1)
of section 3 is made by a firm, the assets referred to in clause (i)
or, as the case may be, the amount referred to in clause (ii) shall
not be taken into account in computing the net wealth of any partner
of the firm or, as the case may be, in determining the value of the
interest of any partner in the firm.
(2)The provisions of
sub-section (1) shall not apply unless the conditions specified in
sub-section (1) of section 8 are fulfilled by the
declarant.
(4) All words and expressions used in this section
and in section 15 but not defined and defined in the Wealth-tax Act
shall have the meanings respectively assigned to them in that
Act.
14.Disclosure of
income in cases of search and seizure.- (1) Subject to the
provisions of this section, where any books of account, other
documents, money, bullion, jewellery or other valuable articles or
things belonging to a person have been seized as a result of a
search under section 132 of the Income-tax Act or section 37A of the
Wealth-tax Act and such person (hereafter in this section referred
to as the declarant) makes, on or after the date of commencement of
this Act but before the 1st day of January, 1976, a declaration in
accordance with sub-section (2) in respect of any income relating to
the previous year in which such search was made or any earlier
previous year—
(a) for which he has failed to furnish a
return under section 139 of the Income-tax Act, or
(b) which
he has failed to disclose in a return of income furnished by him
under the Income-tax Act before the commencement of this Act,
or
(c) which has escaped assessment by reason of the omission
or failure on the part of such person to make a return under the
Indian Income-tax Act, 1922 (11 of 1922), or the Income-tax Act, or
to disclose fully and truly all material facts necessary for his
assessment or otherwise,
then, notwithstanding anything
contained in any of the Acts mentioned in sub-section (1), of
section 8 or the Wealth-tax Act, the amount of income so declared
or, as the case may be, the value of the assets representing such
income, shall not be taken into account for the purposes
of—
(i) payment of interest by the declarant, under
sub-section (8) of section 139 of the Income-tax Act;
(ii)
payment of interest by the declarant under section 215 or section
217 of the Income-tax Act or the corresponding provisions of the
Indian Income-tax Act, 1922 (11 of 1922);
(iii) imposition of
penalty on the declarant under the provisions of any of the said
Acts, except under section 221 of the Income-tax Act or the
corresponding provisions of any of the other said Acts;
and
(iv) prosecution of the declarant under the provisions of
any of the said Acts.
(2) The declaration under sub-section
(1) shall be made to the Commissioner and shall be in such form and
shall be verified in such manner as may be prescribed by rules made
by the Board.
(3) A declaration under this section shall be
signed by the person specified Item No.sub-section (2) of section 4
as if the declaration had been made under that section.
(4) A
copy of the declaration made by the declarant under sub-section (1)
shall be forwarded by the Commissioner to the Income-tax Officer and
the information contained therein may be taken into account for the
purposes of the proceedings relating to the assessment or
reassessment of the income of the declarant under the provisions of
any of the Acts mentioned in sub-section (1) of section 8 or the
Wealth-tax Act.
(5) The immunity provided under sub-section
(1) shall not be available to the declarant unless the tax
chargeable in respect of the income of the previous year or years
for which the declaration has been made is paid by the declarant in
accordance with the provisions in section 5.
Explanation.—For
the purposes of this sub-section, tax chargeable in respect of the
income of any previous year for which the declaration is made shall
be,--
(a) where the declarant has not furnished a return in
respect of the total income of that year and no assessment has been
made in respect of the total income of that year, the tax payable on
the income declared under sub-section (1) for that year as if such
income were the total income;
(b) where the declarant has
furnished a return in respect of the total income of that year and
no assessment has been made in pursuance of such return, the tax
payable on the aggregate of the total income returned and the income
declared under sub-section (1) for that year as if such aggregate
were the total income, as reduced by the tax payable on the basis of
the total income returned; and
(c ) where an assessment in
respect of the total income of that year has been made, the tax
payable on the aggregate of the total income as assessed and the
income declared under sub-section (1) for that year as if such
aggregate were the total income, as reduced by the tax payable on
the basis of the total income as assessed.
(6) Where any tax
is paid by the declarant in accordance with the provisions of
section 5, read with sub-section (5) of this section, credit
therefor shall be given to the declarant in the assessment made
under the Indian Income-tax Act, 1922 (11 of 1922), or, as the case
may be, the Income-tax Act, in respect of his total income of the
previous year or years.
(7) Nothing in sub-section (1)
shall apply in relation to any income which has been included in the
total income of the declarant in any assessment made by the
Income-tax Officer before the date on which the declaration under
that sub-section is made.
15.Voluntary disclosure of
wealth.- (1) Subject to the provisions of this section, where
any person makes, on or after the date of commencement of this Act
but before the 1st day of January, 1976, a declaration in respect
of—
(a) the net wealth chargeable to wealth-tax for any
assessment year for which he has failed to furnish a return under
section 14 of the Wealth-tax Act; or
(b) the value of the
assets which has not been disclosed, or the value of the assets
which has been understand, in any return of net wealth for any
assessment year,
then, notwithstanding anything contained in
that Act, the net wealth, or, as the case may be, the value so
declared shall not be taken into account for the purposes of any
proceedings relating to imposition of penalty on the person making
the declaration under this sub-section (hereafter in this section
referred to as the declarant) or for the purposes of the prosecution
of the declarant under that Act:
Provided that—
(i)
nothing contained in clause (a) shall apply in relation to the net
wealth assessable for any assessment year for which a notice under
section 14 or section 17 of that Act has been served upon the
declarant before the commencement of this Act;
(ii) nothing
contained in clause (b) shall apply in relation to so much of the
value of such assets as has been assessed in any assessment for the
relevant assessment year made by the Wealth-tax Officer before the
date on which the declaration under this sub-section is
made.
(2) The declaration under sub-section (1) shall be made
to the Commissioner and shall be in such form and shall be verified
in such manner as may be prescribed by rules made by the
Board.
(3) A declaration under sub-section (1) shall be
signed by the person specified in sub-section (2) of section 4 as if
the declaration had been made under that section.
(4) A copy
of the declaration made by the declarant under sub-section (1) shall
be forwarded by the Commissioner to the Wealth-tax Officer and the
information contained therein may be taken into account for the
purposes of the proceedings relating to assessment or reassessment
of the net wealth of the declarant under the provisions of the
Wealth-tax Act.
(5) The immunity provided under sub-section
(1) shall not be available to the declarant unless the wealth-tax
chargeable in respect of the net wealth for the assessment year or
years for which the declaration has been made is paid by the
declarant in accordance with the provisions of section 5 and the
declarant invests in the securities referred to in sub-section (3)
of section 3 within the time specified in sub-section (4) of section
5 the sum specified in sub-section (6) of this
section.
Explanation.—For the purposes of this sub-section,
wealth-tax chargeable in respect of the net wealth for any
assessment year for which the declaration is made shall
be—
(a) in a case falling under clause (a) of sub-section
(1), the wealth-tax payable in respect of the net wealth declared
under that clause for that year;
(b) in a case falling under
clause (b) of sub-section (1),--
(i) where no assessment has
been made in pursuance of the return of net wealth furnished by the
declarant, the wealth-tax payable on the aggregate of the net wealth
returned and the value declared under that clause for that year as
if such aggregate were the net wealth, as reduced by the wealth-tax
payable on the basis of the net wealth returned;
(ii) where
an assessment has been made in pursuance of the return of net wealth
furnished by the declarant, the wealth-tax payable on the aggregate
of the net wealth as assessed and the value declared under that
clause for that year as if such aggregate were the net wealth, as
reduced by the wealth-tax payable on the net wealth as
assessed.
(6) The sum referred to in sub-section (5) shall
be,--
(a) where the declaration has been made in respect of
one assessment year, a sum equal to two and a half per cent.of the
amount of net wealth declared under clause (a) of sub-section (1),
or, as the case may be, the value declared under clause (b) of that
sub-section;
(b) where the declaration has been made in
respect of more than one assessment year, a sum equal to two and a
half per cent.of the net wealth declared under clause (a) of
sub-section (l), or, as the case may be, the value declared under
clause (b) of that sub-section, in respect of the last of such
assessment years.
(7) Where any wealth-tax is paid by the
declarant for any assessment year in accordance with the provisions
of section 5, read with sub-section (5) of this section, credit
therefor shall be given to the declarant in the assessment made
under the Wealth-tax Act for that year.
16.Immunity from penalty,
prosecution, etc., under certain Acts.- (1) Where—
(a)
the voluntarily disclosed income declared under sub-section (1) of
section 3 or any part thereof, or
(b) the net wealth, or the
assets the value whereof is, declared under sub-section (1) of
section 15 or any part of such net wealth or assets,
is or
are represented by gold, then, notwithstanding anything contained in
the Customs Act, 1962(52 of 192) or the Gold (Control) Act, such
gold shall not be liable to confiscation under either of the said
Acts and the person making the declaration shall not be liable to
imposition of any penalty or infliction of any punishment under
either of the said Acts for any act or omission in relation to such
gold, if he fulfils the following conditions, namely:--
(A)
in a case where the gold is owned, possessed, held or controlled by
the person making the declaration (such gold being owned, possessed,
held or controlled by him in his capacity as a licensed dealer),
necessary entries are made by him in the accounts, registers and
documents maintained under the Gold (Control) Act, under intimation
to the Gold Control Officer of the rank of an Assistant Collector of
Central Excise or of Customs before the 1st day of February, 1976
and such other steps as are necessary for him to comply with the
requirements of that Act in relation to such gold are taken by him
before that date;
(B) in any other case,--
(i) where
the gold is an article or ornament or both and the weight of such
article or ornament, or the aggregate weight of both, together with
the weight of any other gold (being an article or ornament) owned,
possessed, held or controlled by him, exceeds the limits specified
in sub-section (5) of section 16 of the Gold (Control) Act, such
article or ornament or both, as the case may be, is or are declared
in the form prescribed under sub-section (1), and in the manner
specified in sub-section (8), of that section before the 1st day of
February, 1976;
(ii) where the gold is primary gold, such
gold is either sold to any licensed dealer under intimation to the
Gold Control Officer of the rank of an Assistant Collector of
Central Excise or of Customs before the 1st day of February, 1976 or
is made into ornaments and a declaration in this behalf is made in
the form prescribed under sub-section (1), and in the manner
specified in sub-section (8), of section 16 of the Gold (Control)
Act, before that date.
(2) Notwithstanding anything contained
in the Gold (Control) Act, any primary gold referred to in
sub-clause (ii) of clause (B) of sub-section (1) may be sold by the
person making the declaration to any licensed dealer and such
licensed dealer may purchase such gold, provided that the total
quantity of primary gold (not being in the form of standard gold
bars) in the possession or custody of such dealer and the quantity
of primary gold (not being in the form of standard gold bars) to be
so purchased does not exceed the limit specified in clause (a) or
clause (b) or clause (c) or, as the case may be, clause (d) of the
proviso to sub-section (1) of section 32 of that Act.
(3)
Where a declaration is made under sub-clause (i) or sub-clause (ii)
of clause (B) of sub-section (1), the provisions of section 16 of
the Gold (Control) Act, shall, so far as may be, apply as if such
declaration were a declaration made under this section.
(4)
The immunity provided under sub-section (1) shall, in a case where
the person making the declaration is a firm, also extend to the
partners of the firm.
(5) Nothing in this section shall apply
in relation to any gold,--
(a) which has been seized or
confiscated under the Customs Act, 1962 (52 of 1962)or the Gold
(Control) Act, before the declaration under sub-section (1) of
section 3 or, as the case may be, under sub-section (1) of section
15, is made; or
(b) which is seized as a result of any search
made under either of the said Acts where such search had commenced
before such declaration is made; or
(c) in respect of which
any other proceedings under either of the said Acts are pending
before any authority before such declaration is made.
(6) For
the removal of doubts, it is hereby declared that nothing in this
section shall be construed as exempting any person from discharging
any obligation under the Gold (Control) Act, on or after the 1st day
of February, 1976 in relation to the gold referred to in this
section.
Explanation.—For the purposes of this section, the
expressions "article", "gold", "Gold Control Officer", "licensed
dealer", "ornament", "primary gold" and "standard gold bar" shall
have the meanings respectively assigned to them in the Gold
(Control) Act.
17.Applicability of certain
provisions of Income-tax Act and of Chapter V of Wealth-tax
Act.- The provisions of Chapter XV of the Income-tax Act
relating to liability in special cases and of section 189 of that
Act or of Chapter V of the Wealth-tax Act relating to liability to
assessment in special cases shall, so far as may be, apply in
relation to proceedings under this Act as they apply in relation to
proceedings under the Income-tax Act, or, as the case may be, the
Wealth-tax Act.
18.Removal of doubts.- For
the removal of doubts, it is hereby declared that, save as otherwise
expressly provided in the Explanation to sub-section (1) of section
13 and in sub-section (4) of section 16, nothing contained in this
Act shall be construed as conferring any benefit, concession or
immunity on any person other than the person making the declaration
under this Act.
19.Power to remove
difficulties.- (1) If any difficulty arises in giving effect to
the provisions of this Act, the Central Government may, by order,
not inconsistent with the provisions of this Act, remove the
difficulty.
(2) Every order made under this section shall, as
soon as may be after it is made, be laid before each House of
Parliament.
20.Power
to make rules.- (1) The Board may, by notification in the
Official Gazette, make rules for carrying out the provisions of this
Act.
(2) Without prejudice to the generality of the foregoing
power, such rules may provide for,-
(a) the form in which a
declaration may be made under sub-section (1) of section 3 and the
manner in which it may be verified;
(b) the form in which a
declaration may be made under sub-section (1) of section 14 and the
manner in which it may be verified;
(c) the form in which a
declaration may be made under sub-section (1) of section 15 and the
manner in which it may be verified;
(3) The Central
Government shall cause every rule made under this Act to be laid, as
soon as may be after it is made, before each House of Parliament
while it is in session for a total period of thirty days which may
be comprised in one session or in two or more successive sessions
and if, before the expiry of the session immediately following the
session or the successive sessions aforesaid, both Houses agree in
making any modification in the rule or both Houses agree that the
rule should not be made the rule shall thereafter have effect only
in such modified form or be of no effect, as the case may be; so,
however, that any such modification or annulment shall be without
prejudice to the validity of anything previously done under that
rule.
21.Provisions
of Act not to apply to certain persons.- The provisions of this
Act shall not apply to any person in respect of whom an order of
detention has been made under the Conservation of Foreign Exchange
and Prevention of Smuggling Activities Act, 1974(52 of
1974):
Provided that—
(i) such order of detention,
being an order to which the provisions of section 9 or section 12A
of the said Act do not apply, has not been revoked on the report of
the Advisory Board under section 8 of the said Act or before the
receipt of the report of the Advisory Board; or
(ii) such
order of detention, being an order to which the provisions of
section 9 of the said Act apply, has not been revoked before the
expiry of the time for, or on the basis of, the review under
sub-section (3) of section 9, or on the report of the Advisory Board
under section 8, read with sub-section (2) of section 9, of the said
Act; or
(iii) such order of detention, being an order to
which the provisions of section 12A of the said Act apply, has not
been revoked before the expiry of the time for, or on the basis of,
the first review under sub-section (3) of that section, or on the
basis of the report of the Advisory Board under section 8, read with
sub-section (6) of section 12A, of the said Act; or
(iv) such
order of detention has not been set aside by a court of competent
jurisdiction.
22.Repeal and saving.- (1)
The Voluntary Disclosure of Income and Wealth Ordinance, 1975(15 of
1975) and the Voluntary Disclosure of Income and Wealth (Amendment)
Ordinance, 1975(23 of 1975) are hereby repealed.
(2)
Notwithstanding such repeal, anything done or any action taken under
the Voluntary Disclosure of Income and Wealth Ordinance, 1975(15 of
1975) as amended by the Voluntary Disclosure of Income and Wealth
(Amendment) Ordinance, 1975(23 of 1975) shall be deemed to have been
done or taken under the corresponding provision of this
Act.
(3) Where during the period commencing on the 8th
October, 1975 and ending with the 28th November, 1975 any person had
furnished security in accordance with sub-section (3) of section 5
of the Voluntary Disclosure of Income and Wealth Ordinance, 1975 as
it stood immediately before its amendment by the Voluntary
Disclosure of Income and Wealth (Amendment) Ordinance, 1975, such
person shall be deemed to have furnished adequate security for the
purposes of sub-section (2) of section 5 of this Act.
THE SCHEDULE
[See
section 3 (1)]
Rates
of income-tax
(a) In the case of a declarant, being a
company, at the rate of 60 per cent.of the voluntarily disclosed
income.
(b) In the case of a declarant, being a person other
than a company,--
(1) where the voluntarily disclosed income
does 25 per cent.of the voluntarily not exceed Rs.25,000 disclosed
income;
(2) where the voluntarily disclosed income Rs.6,250
plus 40 per cent.of the exceeds Rs.25,000 but does not amount by
which the voluntarily exceeds Rs.50,000 disclosed income exceeds
Rs.25,000
(3) where the voluntarily disclosed income
Rs.16,250 plus 60 per cent.of exceeds Rs.50,000 the amount by which
the voluntarily
disclosed income exceeds Rs.50,000