Sections Particulars
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 i...
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...
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, ...
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 m...
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 ...
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 ...
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...
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 Incom...
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...
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...
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 contai...
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, co...
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 ...
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, 19...
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...
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 Ac...
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-se...
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 th...
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 o...
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 an...
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(2...
Schedule
[See section 3 (1)](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 dec...
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