Voluntary Disclosure of Income and Wealth Act, 1976
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 Income-tax Act, 1922 (11 of 1922) or the Income-tax Act, or the Excess Profits Tax Act, 1940 (15 of 1940)or the Business Profits Tax Act, 1947(21 of 1947) or the Super Profits Tax Act, 1963(14 of 1963) or the Companies (Profits) Surtax Act, 1964 (7 of 1964), if the following conditions are fulfilled, namely:--
(i) 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 Income-tax Officer;
(ii) the income-tax in respect of the voluntarily disclosed income is paid by the declarant; and
(iii) the amount required to be invested in the securities referred to in sub-section (3) of section 3 is so invested by the declarant.
(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, the amount of income-tax paid in respect of the same, the amount of investment made in the securities referred to in sub-section (3) of section 3 and the date of payment and investment.