TMI BlogThe Voluntary Disclosure of Income and Wealth Ordinance, 1975-Clarifications regardingX X X X Extracts X X X X X X X X Extracts X X X X ..... hether under section 3(1) of the Ordinance, it is necessary to disclose the nature and source of income and wealth declared? Answer.-- It is not necessary to disclose the nature and source of income. Only the assets representing the income declared are to be shown in Form 'A'. (ii) Question.-- Whether a public servant as defined in section 21 of the Indian Penal Code can declare his income/wealth under the Ordinance? Whether secrecy provisions of section 12 of the Ordinance would be applicable to such case(s)? Answer.-- Any person can make a declaration under the Ordinance. Section 12 will apply in respect of all declarations made under section 3(1) of the Ordinance. (iii) Question.-- Whether section 4(3) is a bar to the sam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (vi) Question.-- If a company makes a declaration under section 3(1) or section 14(1) and it states that the income declared is held for the company by the directors or shareholders (having substantial interest), can any assessment proceedings be taken against such directors or shareholders on the ground that it represents dividend under section 2(22) of the Income-tax Act? Answer.-- The provisions of section 2(22)(e) will not be attracted in cases where income declared by the company is represented by assets held on behalf of the company by its directors or shareholders. (vii) Question.-- Whether in search and seizure cases, the cash seized can be adjusted, on the declarant's specific request, towards tax payable according to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ants and procedure to be followed? Answer.-- The Government of India have notified (G.O.) Ministry of Finance (Department of Economic Affairs Notification No. G.S.R.533(E) ** dated 20th October, 1975) 5-3/4% Bonds, 1985, for the purpose. The applications for these Bonds will be received at:- (a) Offices of the Reserve Bank of India at Ahmedabad, Bangalore, Bombay (Fort and Byculla), Calcutta, Hyderabad, Kanpur, Madras, Nagpur, New Delhi and Patna; (b) Branches of the subsidiary banks of the State Bank of India conducting Government Treasury work except at Hyderabad; and (c) Branches of the State Bank of India at other places in India. Applications to be made in the prescribed form (available at all the receiving offices) should ..... X X X X Extracts X X X X X X X X Extracts X X X X
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