Voluntary Disclosure of Income and Wealth Act, 1976

THE SCHEDULE

[See section 3 (1)]

Rates of income-tax

(a) In the case of a declarant, being a company, at the rate of 60 per cent. of the voluntarily disclosed income.

(b) In the case of a declarant, being a person other than a company,--

(1) where the voluntarily disclosed income does 25 per cent. of the voluntarily not exceed Rs.25,000 disclosed income;

(2) where the voluntarily disclosed income Rs.6,250 plus 40 per cent. of the exceeds Rs.25,000 but does not amount by which the voluntarily exceeds Rs.50,000 disclosed income exceeds Rs.25,000

(3) where the voluntarily disclosed income Rs.16,250 plus 60 per cent. of exceeds Rs.50,000 the amount by which the voluntarily disclosed income exceeds Rs.50,000.