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FINANCE (NO. 2) ACT, 1965
15 of 1965
11th September, 1965
An Act further to amend certain laws relating to direct taxes, to provide for voluntary disclosure of income, to increase or modify duties of customs on certain goods imported into India and to increase or modify and to impose duties of excise on certain goods produced or manufactured in India. Be it enacted by Parliament in the Sixteenth Year of the Republic of India as follows:--
SECTION 01: SHORT TITLE
This Act may be called The Finance (No. 2) Act, 1965.
SECTION 02: 02-18 AMENDMENTS OF ACT 43 OF 1961
[Note.- These sections amend various provisions of Income-tax Act, 1961- All these amendments were then incorporated in that Act.]
SECTION 19: AMENDMENT OF ACT 34 OF 1953
[Note.- This section amends Estate Duty Act, 1953 These amendments were then incorporated in that Act.]
SECTION 20: AMENDMENT OF ACT 27 OF 1957
[Note.- This section amends Wealth-tax Act, 1957- These amendments were then incorporated in that Act.]
SECTION 21: AMENDMENT OF ACT 18 OF 1958
[Note. -This section amends Gift-tax Act, 1958- These amendments were then incorporated in that Act.]
SECTION 22: INSERTION OF NEW SECTION 24A IN ACT 7 OF 1964
[Note.- This section inserts new Section 24Arelating to agreement with foreign countries, in Companies (Profits) Surtax Act, 1964 It will be found incorporated in that Act.]
SECTION 23: EXCLUSION OF COMMUTED VALUE OF PENSION FROM TOTAL INCOME UNDER THE INDIAN INCOME-TAX ACT, 1922
Notwithstanding anything contained in the Indian Income-tax Act, 1922, any sum due to or received by any person in commutation of pension shall not be included and shall be deemed never to have been including in computing the total income of such person under the provisions of that Act.
SECTION 24: VOLUNTARY DISCLOSURE OF INCOME
(1) Subject to the provisions of this section, where any person makes, on or after the 19th day of August, 1965, and before the 1st day of April, 1966, a declaration in accordance with sub-section (2) in respect of the amount representing income chargeable to tax under the Indian Income-tax Act, 1922orthe Income-tax Act, 1961-or any assessment year commencing on or before the 1st day of April, 1964-
(a) for which he has failed to furnish a return within the time allowed under Section 22 of the Indian Income tax Act, 1922orSection 139 of the Income-tax Act, 1961-, or
(b) which he has failed to disclose in a return of income filed by him on or before the 19th day of August, 1965 under the Indian Income-tax Act, 1922orthe Income-tax Act. 1961-, or
(c) which has escaped assessment by reason of the omission or failure on the part of such person to make a return under either of the said Acts to the Income-tax Officer or to disclose fully and truly all material facts necessary for his assessment, he shall, notwithstanding anything contained in the said Acts, be charged income-tax in accordance with sub-section (3) in respect of the amount so declared or if more than one
declaration has been made by a person the aggregate of the amounts declared therein as reduced by any amount specified in any order made under sub-section (4), or, if such amount is altered by an order of the Board under sub -section (6), then, such altered amount (hereafter in this section referred to as the voluntarily disclosed income) : Provided that nothing in this section shall apply to the amount representing income
assessable for any assessment year for which a notice under Section 22orSection 34 of the Indian Income-tax Act, 1922orSection 139-orSection 148 of the Income-tax Act, 1961-, has been served upon such person and the date for furnishing the return, whether fixed originally or on extension, falls beyond the 19th day of August, 1965 and the return has not been furnished on or before the said date.
(2) The declaration shall be made to the Commissioner and shall contain the name, address and signature of the person making the declaration (hereafter in this section referred to as the declarant) and also full information in respect of the following matters, namely:-
(a) whether he was assessed to income-tax or not and, if assessed, the designation of the Income-tax Officer by whom he was last assessed,;
(b) the amount of income declared, giving, where available, details of the previous year or years in which the income was earned and the amount pertaining to each such year;
(c) where the amount declared is represented by cash (including bank deposits), bullion, investment in shares,
SECTION 25: AMENDMENT OF ACT 32 OF 1934
[Note.- This section amended Indian Tariff Act, 1934, which is now repealed and replaced by the Customs Tariff Act, 1975]
SECTION 26: AMENDMENT OF ACT 1 OF 1944
[Note.- This section amends Central Excises and Salt Act, 1944- These amendments will be found incorporated in that Act.]
SCHEDULE 01: SCHEDULE
[Note.- This Schedule amended First Schedule to Indian Tariff Act, 1934 which now stands repealed by Customs Tariff Act. 1975
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