Section 22 in The Voluntary Disclosure Of Income And Wealth Act, 1976
22. Repeal and saving.
(1)The Voluntary Disclosure of Income and Wealth Ordinance, 1975 (15 of 1975.) and the Voluntary Disclosure of Income and Wealth (Amendment) Ordinance, 1975 (23 of 1975.) are hereby repealed.(2)Notwithstanding such repeal, anything done or any action taken under the Voluntary Disclosure of Income and Wealth Ordinance, 1975 (15 of 1975.) as amended by the Voluntary Disclosure of Income and Wealth (Amendment) Ordinance, 1975 (23 of 1975.) shall be deemed to have been done or taken under the corresponding provision of this Act.(3)Where during the period commencing on the 8th October, 1975 and ending with the 28th November, 1975 any person had furnished security in accordance with sub-section (3) of section 5 of the Voluntary Disclosure of Income and Wealth Ordinance, 1975 as it stood immediately before its amendment by the Voluntary Disclosure of Income and Wealth (Amendment) Ordinance, 1975, (15 of 1975.) such person shall be deemed to have furnished adequate security for the purposes of sub-section (2) of section 5 of this Act. (23 of 1975.)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 not exceed Rs. 25,000 25 per cent. of the voluntarily - disclosed income;(2)where the voluntarily disclosed income exceeds Rs. 25,000 but does not exceed Rs. 50,000 Rs. 6,250 plus 40 per cent. of the amount by which the voluntarily disclosed income ex- -ceeds Rs. 25,000;(3)where the voluntarily disclosed income exceeds Rs. 50,000. - Rs.16,250 plus 60 per cent. of the amount by which the Rs. 50,000 voluntarily disclosed income exceeds
