The Voluntary Disclosure of Income and Wealth Rules, 1975
Published vide Notification in the Gazette of India, Extraordinary, 1975, Part 2, Section 3(ii), page 2305. Deemed to be in force by virtue of Section 20 read with Section 22 (2) of the Voluntary Disclosure of Income and Wealth Act, 1976 (8 of 1976).
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S.O. 597 (E), dated the 18th October, 1975. - In exercise of the powers conferred by Section 19 of the Voluntary Disclosure of Income and Wealth Ordinance, 1975 (15 of 1975), and all other powers enabling it in this behalf, the Central Board of Direct Taxes hereby makes the following rules, namely:- 1. Short title. - These rules may be called the Voluntary Disclosure of Income and Wealth Rules, 1975. 2. Definitions. - (a) In these rules, "the Ordinance" means the Voluntary Disclosure of Income and Wealth Ordinance, 1975 (15 of 1975); (b) All references to "Forms" in these rules shall be construed as references to the forms set out in the Appendix hereto.
3. Form of declaration under Section 3 in respect of voluntarily disclosed income. - The declaration under sub-section (1) of Section 3 of the Ordinance in respect of voluntarily disclosed income shall be in Form A and shall be verified in the manner indicated therein. 4. Form of declaration in respect of income under Section 14 in cases of search and seizure. - The declaration in respect of income under sub-Section (1) of Section 14 of the Ordinance in cases of search and seizure shall be made in duplicate in Form B and shall be verified in the manner indicated therein. 5. Form of declaration under Section 15 in respect of net wealth or value of assets not disclosed or understated. - (1) The declaration under sub-section (1) of Section 14 of the Ordinance in respect of net wealth or value of assets not disclosed or understood shall be made in duplicate in Form C and shall be verified in the manner indicated therein. (2) Where a declaration under sub-rule (1) is made in respect of net wealth, or includes any declaration in respect of net wealth, for any assessment year or years, the declaration shall be accompanied by a return of net wealth for such year or years in the form prescribed under Section 14 of the Wealth-tax Act, 1957 (27 of 1957). (3) The application shall be signed- (a) where the declarant is 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 this 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 in his behalf.
(3) The certificate in the form prescribed in the Notification of the Government of India, Ministry of Finance, Department of Economic Affairs, No. G.S.R5,34(E), dated the 20th October, 1975 in respect of the 5-3/4 per cent Bonds, 1985 will be issued in the name of the individual, Karta, company, firm, association or other person as the case may be. (4) If the application is made in the name of a registered body, the under noted documents, if not already registered at the Public Debt Office, should be enclosed with the investment application: (i) Certificate of Registration/Incorporation.
(ii) Memorandum and Articles of Association or certified copies of the Rules and Regulations/Bye-laws of the body/company.
(iii) Certified copy of resolution in favour of the person authorised to deal in Government securities on behalf of the body/company.
APPENDIX
FORM A
Voluntary Disclosure
(See rule 3)
Form of Declaration under Section 3(1) of the Voluntary Disclosure of income and Wealth Ordinance, 1975 in respect of Voluntary Disclosed Income
To The Commissioner of Income-tax .............................................. Sir, I hereby make a declaration under Section 3(1) of the Voluntary Disclosure of Income and Wealth Ordinance, 1975. I give below the necessary particulars: 1. (a) Name of the declarant................................................................................................ (in Block letters)
(b) Permanent Account Number (if any)...................................................................
2. Address: Office ........................................................ Tel No................................................... Residence .............................Tel. No....................................
3. Status of the declarant .............................................................................................................
(State whether individual Hindu undivided family, firm company, etc.)
4. (a) Whether assessed to income-tax .................................................................................
(b) If so name of income-tax Circle/................................................................................... Ward/District where last assessed ...............................................................................
5. Statement of voluntarily disclosed income.
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Sl. No. |
Amount of Income declared |
Assessment year(s) to which the income relates |
If the Income is represented by cash (including bank deposites), bullion, investment in shares, debts due from other persons, commodities or any other assets. |
Remarks |
||
|
Description of asset |
Name in which held |
Amount |
||||
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
If space provided is insufficient separate enclosure may be used for the purpose.
Where the voluntarily disclosed income relates to more than one assessment year come in respect of each assessment year may, if, possible be indicated separately. 6. Total amount of voluntarily disclosed income ............................................................
7. Income-tax payable thereon .............................................................................................
8. Income-tax paid before the date of declaration (Attach proof of payment) .....................................................................................................
9. Whether the amount of voluntarily disclosed income has been credited in the books of account or any other record ...........................................................................
(if so, attach copies of the relevant entries in duplicate)
VERIFICATION
I .............................................................................................................................. (name in block letters) son/daughter/wife of Shri................................................................................... (name of father/husband) solemnly declare that--- (a) the information given in this declaration is correct and complete to the best of my knowledge and belief;
(b) in addition to my own income in respect of the assessment for which the declaration is made, income of other persons in respect of which I am chargeable to tax and income accruing or arising from assets held by me through any other person, for which I had failed to furnish a return under Section 139 of the Income-tax Act, 1961/"which I had failed to disclose in a return of income furnished by me before the 8th October, 1975/[*]which has otherwise escaped assessment, has been disclosed in this declaration;
(c) the income of any other person in respect of which I am not chargeable to tax has not been included in this declaration.
I further declare that I am making this declaration in my capacity as ................ (designation)
and that I am competent to make this declaration and verify it. ............................................
Signature
Place .......................................... Date .............................................. NOTES : 1. Before signing the verification, the signatory should satisfy himself that the declaration is correct and complete in every respect. 2. Any person who has made a declaration under Section 3(1) of the Voluntary Disclosure of Income and Wealth Ordinance, 1975, is not entitled to make any other declaration under that section and any such declaration, if made, shall be deemed to be void. 3. A declaration under Section 3(1) of the said Ordinance cannot be made in respect of- (a) income for any assessment year which the declarant has failed to disclose in a return of income furnished on or after the 8th October, 1975;
(b) income for any assessment year for which a notice under Section 139 or Section 148 of the Income-tax Act, 1961 has been served on the declarant, but return for that year has not been furnished by him before the 8th October, 1975;
(c) income in respect of the previous year in which the books of account, other documents, money, bullion, jewellery or other valuable articles or things belonging to the declarant have been seized as a result of any search made under Section 132 of the Income-tax Act, 1961, or Section 37A of the Wealth tax Act, 1957, or any earlier previous year. Score out whichever is not applicable.
FORM B
Voluntary Disclosure
(See rule 4)
Form of Declaration in respect of Income under Section 14(1) of the Voluntary Disclosure of Income and Wealth Ordinance, 1975 in cases of Search and Seizure.
To The Commissioner of Income-tax, ......................................... Sir, I hereby make a declaration under Section 14(1) of the Voluntary Disclosure of Income and Wealth Ordinance, 1975. I give below the necessary particulars :
1. (a) Name of the declarant ..................................................................................................... (in Block letters) (b) Permanent Account Number (if any) ..........................................................................
2. Address : Office ............................................ ......... ....Tel. No..................... ............................. Residence .................................................................Tel. No...................................................... 3. Status of the declarant .............................. ............................................................................. (State whether individual Hindu undivided family, firm, company, etc.) 4. (a) Whether assessed to income-tax ................................................................................... (b) If so name of income-tax Circle/...............................................................................Ward/District where last assessed.
5. Date(s) on which search under Section 132 of the Income-tax Act, 1961 or Section 37A of the Wealth tax Act, 1957 was made .................................................................... 6. Statement of income declared.
|
Sl. No. |
Amount of Income declared |
Assessment year(s) to which the income relates |
If the income is represented by cash (including bank deposits), bullion, investment in shares, debts due from other persons, commodities or any other assets. |
Remarks |
||
| Description of asset | Name in which held | Amount | ||||
7. Total amount of income declared ................................... 8. Amount of tax chargeable in respect of such income ................ (Where the declaration relates to the income of more than one assessment year, the tax in respect of each year should be shown separately). 9. Income tax paid before the date of declaration .................(Attach proof of payment) If space provided is insufficient, separate enclosure may be used for the purpose. The tax chargeable in respect of the income shown in the declaration has to be calculated in accordance with the provisions of the Explanation to sub-section (5) of Section 14 of the Voluntary Disclosure of Income and Wealth Ordinance 1975. VERIFICATION
I...... .................................................... (name in block letters) son/daughter/wife of Shri..................................(name of father/husband) solemnly declare that--- (a) the information given in this declaration is correct and complete to the best of my knowledge and belief;
(b) in addition to my own income in respect of the assessment year(s) for which the declaration is made, income of other persons in respect of which I am chargeable to tax and income accruing or arising from assets held by me through any other person, for which I had failed to furnish a return under Section 139 of the Income-tax Act, 1961/which I had failed to disclose in a return of income furnished by me before the 8th October, 1975/which has otherwise escaped assessment, has been disclosed in this declaration;
(c) the income of any other person in respect of which I am not chargeable to tax has not been included in this declaration.
I further declare that I am making this declaration in my capacity as ................. (designation) and that I am competent to make this declaration and verify it. (Signature)
Place .......................................... Date ............................................ NOTES :- 1. Before signing the verification, the signatory should satisfy himself that the declaration is correct and complete in every respect. 2. 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 this declaration is made should not be shown in this declaration. Score out whichever is not applicable. 3. A declaration under Section 14(1) of the Voluntary Disclosure of Income and Wealth Ordinance, 1975 cannot be made in respect of income for any assessment year which the declarant has failed to declare in a return of income furnished on or after the 8th October, 1975. 4. This declaration should be submitted in duplicate. FORM C
Voluntary Disclosure
(See rule 5)
Form of Declaration under Section 15(1) of the Voluntary Disclosure of Income and Wealth Ordinance, 1975 in respect of net wealth or value of assets not disclosed or understated.
To The Commissioner of Wealth-tax, .............................................. Sir, I hereby make a declaration under Section 15(1) of the Voluntary Disclosure of Income and Wealth Ordinance, 1975. I give below the necessary particulars 1. (a) Name of the declarant ................................(in block letters) (b) Permanent Account Number (if any) .................
2. Address : Office ................. Te1. No.................. Residence ................. Tel. No.................................... 3. Status of the declarant (State whether individual or Hindu undivided family) ................ 4. (a) Whether assessed to wealth-tax- (b) If so, name of Wealth-tax Circle/Ward/District where last assessed
5. Statement of net wealth declared (Attach a return of net wealth for each assessment year.
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Serial No. |
Assessment year |
Amount of net wealth |
Remarks |
|
1 |
2 |
3 |
4 |
6. Statement of value of assets not disclosed or understated.
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Serial No. |
Assessment year |
Description of assets not disclosed or under valued |
Value of assets as returned/assessed |
Value declared |
Amount under stated |
|
1 |
2 |
3 |
4 |
5 |
6 |
7. Amount of wealth-tax chargeable (Where the declaration ...................................... relates to more than one assessment year, the wealth-tax in respect of each year should be shown separately) 8. Wealth-tax paid before the date of declaration ...................................... (Attach proof of payment) VERIFICATION
I .................................................... (name in block letters) son/daughter/wife of Shri........................................ (name of father/husband) solmenly declare that-- (a) the information given in this declaration is correct and complete to the best of my knowledge and belief;
(b) the value of all assets held by me through other persons and assets held by other persons which are to be included in computing my net wealth has been shown in this declaration;
(c) the value of assets held by any other person which is not to be included in computing my net wealth has not been shown in this declaration.
I further declare that I am making this declaration in my capacity as ................. (designation) and that I am competent to make this declaration and verify it. .............................Signature.
Place .................................. Date ................................... If space provided is insufficient, separate enclosure may be used for the purpose. The wealth-tax chargeable in respect of net wealth/value declared has to be calculated, in accordance with the provisions of the Explanation to sub-section (5) of Section 15 of the Voluntary Disclosure of Income and Wealth Ordinance, 1975. Score out whichever is not applicable. NOTES: - 1. Before signing the verification, the signatory should satisfy himself that the declaration is correct and complete in every respect. 2. A declaration under Section 15(1) of the Voluntary Disclosure of Income and Wealth Ordinance, 1975 cannot be made in relation to net wealth assessable for any assessment year for which a notice under Section 14 or Section 17 of the Wealth-tax Act, 1957 has been served on the declarant before the 8th October, 1975. 3. So much of the value of the 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 is made should not be shown in this declaration. 4. This declaration should be submitted in duplicate.