Clarifications on issues relating to effect of filing higher estimates of income for advance tax purposes on assess­ments for earlier years/filing of returns of income by new assessees declaring substantial income in the initial assessment year/filing of higher returns of wealth for earlier years

Extension of period of amnesty scheme under the Income-tax and Wealth-tax Act—1. Taxpayers are aware that the Government has through the following circulars, issued from time to time, of­fered a scheme of amnesty under the Income-tax and Wealth-tax Acts :

–  Circular No. 432, dated 15-11-1985 [Clarification 2]

–  Circular No. 439, dated 15-11-1985 [Clarification 3]

–  Circular No. 440, dated 15-11-1985 [Clarification 4]

–  Circular No. 441, dated 15-11-1985 [Clarification 5]

–  Circular No. 451, dated 17-2-1986 [Clarification 6]

–  Circular No. 453, dated 4-4-1986 [Clarification 7]

2. In view of the good response of the taxpayers during the operation of this scheme, it has now been decided to further extend the benefits of the amnesty scheme till 31-3-1987. The conditions laid down in the above circulars will apply in the case of returns of income and wealth for the assessment year 1986-87 and earlier assessment years.

Circular : No. 472 [F. No. 225/86/84-IT (A-II)], dated 15-10-1986 as corrected by Circular No. 474 [F.No. 225/86/85/IT(A-II)], dated 11-11-1986.

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March 2024