Section 15(5) in The Voluntary Disclosure Of Income And Wealth Act, 1976
(5)The immunity provided under sub-section (1) shall not be available to the declarant unless the wealth-tax chargeable in respect of the net wealth for the assessment year or years for which the declaration has been made is paid by the declarant in accordance with the provisions of section 5 and the declarant invests in the securities referred to in sub-section (3) of section 3 within the time specified in sub-section (4) of section 5 the sum specified in sub-section (6) of this section.Explanation. [For the purposes of this sub-section and sub-section (5A),] [Inserted by Act 29 of 1977, s.38 (w.e.f. 1-4-1976) ] wealth-tax chargeable in respect of the net wealth for any assessment year for which the declaration is made shall be-(a)in a case falling under clause (a) of sub-section (1), the wealth-tax payable in respect of the net wealth declared under that clause for that year;(b)in a case falling under clause (b) of sub-section (1),--(i)where no assessment has been made in pursuance of the return of net wealth furnished by the declarant, the wealth-tax payable on the aggregate of the net wealth returned and the value declared under that clause for that year as if such aggregate were the net wealth, as reduced by the wealth-tax payable on the basis of the net wealth returned;(ii)where an assessment has been made in pursuance of the return of net wealth furnished by the declarant, the wealth-tax payable on the aggregate of the net wealth as assessed and the value declared under that clause for that year as if such aggregate were the net wealth, as reduced by the wealth-tax payable on the net wealth as assessed.
