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Exemption from wealth-tax in respect of assets specified in declaration

Clause 191 - THE INCOME DECLARATION SCHEME , 2016 - Bill - Clause 191 - 191. (1) Where the undisclosed income is represented by cash (including bank deposits), bullion, investment in shares or any other assets specified in the declaration made under section 180- (a) in respect of which the declarant has failed to furnish a return under section 14 of the Wealth tax Act, 1957 (27 of 1957), for the assessment year commencing on or before the 1st day of April, 2015; or (b) which have not been shown .....

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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 section 180 is made by a firm, t .....

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