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said individuals will be able to regularise the undisclosed portion of a property transaction by paying income tax at the applicable rate for individual taxpayers.

Under the proposed law, no authority will be allowed to question or initiate proceedings on such income if the taxpayer voluntarily discloses it and pays the required tax, notwithstanding any provisions of the Income Tax Act or other applicable laws.

However, if tax authorities have already initiated proceedings over such transactions, the taxpayer will have to pay an additional 20 percent on top of the applicable tax on the excess amount, officials said.

The facility will not be available to individuals already convicted by a court in connection with such matters.