Voluntarily disclosed income not to be included in the total income
Section 68 of the Finance Act, 1997 deals with voluntarily disclosed income not to be included in the total income. Voluntarily disclosed income not to be included in the total income.
Voluntarily disclosed income not to be included in the total income.
68. (l)The amount of the voluntarily disclosed income shall not be included in the total income of the declarant for any assessment year under the Income-tax Act, if the following conditions arc fulfilled, namely :—
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 Assessing Officer; and
the income-tax in respect of the voluntarily disclosed income is paid by the declarant within the time specified in section 66 or section 67.
(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 and the amount of income-tax paid in respect of the same.
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Section 68, The Finance Act, 1997.
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Questions about Section 68
What does Section 68 of the Finance Act deal with?
Section 68 of the Finance Act is headed "Voluntarily disclosed income not to be included in the total income". Voluntarily disclosed income not to be included in the total income.
How do I find court cases under Section 68 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1997 68, section 68 Finance Act 1997, section 68 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 68 of the Finance Act, and has it changed?
Its own text turns on section 66 (Time for payment of tax), section 67 (Interest payable by declarant), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was the Finance Act enacted?
Finance Act was enacted in 1997. India Code records no commencement date for it. It is in force as at the date shown on this page.
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