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Thursday, July 16, 2020 | History

1 edition of Wealth-tax Act, 1957 (as amended by the Finance Act, 1986) and Gift-tax Act, 1958 (as amended by the Finance Act, 1986) with rules (as amended upto date) found in the catalog.

Wealth-tax Act, 1957 (as amended by the Finance Act, 1986) and Gift-tax Act, 1958 (as amended by the Finance Act, 1986) with rules (as amended upto date)

Wealth-tax Act, 1957 (as amended by the Finance Act, 1986) and Gift-tax Act, 1958 (as amended by the Finance Act, 1986) with rules (as amended upto date)

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Published by Taxation in New Delhi .
Written in English


Edition Notes

PRIORITY 3.

Statementedited by O.C. Tandon, T.R. Aggarwal.
Classifications
LC ClassificationsIN PROCESS (ONLINE)
The Physical Object
Pagination1 v. ;
ID Numbers
Open LibraryOL1615308M
LC Control Number91156620

Wealth-tax Act, Complete Act - Bare Act: State: Central Government: Year: Act Info: Preamble1 - WEALTH-TAX ACT, Chapter I. Section1 - Short title, extent and commencement. Section2 - Definitions. Chapter II. Section3 - Charge of wealth-tax. Section4 - .   Wealth Tax Act of provides for the levy of wealth tax. The Act was last amended by the Finance Bill It is a taxation process that levies tax on the net wealth of individuals, Hindu Undivided Families & companies. Wealth Tax is calcul.

The Wealth-tax Act, has been abolished from Assessment Year but a lot of litigation is still pending at various levels of the tax administration and judiciary. This Volume 11 covers The Wealth Tax Act, , The Wealth-tax Rules, , Wealth-tax Settlement Commission (Procedure) Rules, with Interpretation of law and. S.R.O. , Dated. 18th October, - In exercise of the powers conferred by section 46 of the Wealth-tax Act, (27 of ), the Central Board of Revenue hereby makes the .

  The Act was amended from time to time. The major objective of wealth tax has been attainment of equity objective of tax policy because wealth is considered as the major source of inequalities. The wealth taxation in India is applicable to all citizens of the country and is also called the wealth tax act, Mahadeo Jalan, [] 86 ITR , because that is the decision directly dealing with the question of unquoted equity shares of a company under the Wealth-tax Act, The other two decisions, viz., Commissioner Of Gift Tax, Bombay v. Smt Kusumben D. Mahadevia, [] ITR 38 (SC) and CGT v. Executors and Trustees of the Estate of Late Sh.


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Wealth-tax Act, 1957 (as amended by the Finance Act, 1986) and Gift-tax Act, 1958 (as amended by the Finance Act, 1986) with rules (as amended upto date) Download PDF EPUB FB2

7 THE WEALTH-TAX ACT, ACT NO OF [12thSeptember, ] An Act to provide for the levy of wealth-tax. BE it enacted by Parliament in the Eighth Year of the Republic of India as follows:— CHAPTER I PRELIMINARY 1. Short title, extent and commencement.—(1) This Act may be called the Wealth-tax Act, (2) It extends to the whole of India.

The Wealth Tax Act, was an Act of the Parliament of India that provides for the levying of wealth tax on an individual, Hindu Undivided Family (HUF) or company. The wealth tax was levied on the net wealth owned by a person on a valuation date, i.e., 31 March of every year.

The Act Citation: Act No. 27 of Income Tax Department > Tax Laws & Rules > Acts > Wealth-Tax Act, 1957 book Tax Department > All Acts > Wealth-Tax Act, Choose Acts: Section No. Text Search: Record(s) | Page [1 of 15] Section - 1. Short title, extent and commencement. Section - 2.

Definitions. Section - 3. Income-tax is levied on the income of the taxpayer, whereas wealth tax is levied on Wealth-tax Act wealth of the taxpayer. Wealth tax is governed by Wealth Tax Act, In this part you can gain knowledge on various provisions of Wealth Tax Act, Here, it is to be noted that Wealth-tax Act, is abolished w.e.f.

Basic provisions. THE WEALTH-TAX ACT, NO OF [12th September, ] An Act to provide for the levy of wealth-tax. Contents. CHAPTER I. PRELIMINARY. title, extent and commencement. tions. CHAPTER II. CHARGE OF WEALTH-TAX AND ASSETS SUBJECT TO SUCH CHARGE. of wealth-tax.

wealth to include certain assets. ions in. The jurisdiction and authorities are defined under Section 8 of the Wealth Tax Act, that, Section 16 of the Income Tax Act, provides the jurisdiction to the authorities of the Wealth Tax for the exercise of the powers and execute the functions towards any individual, HUF, or company and the jurisdiction will be the same as per the.

THE WEALTH TAX ACT BASIC PROVISIONS Sec Descripttion Provisions 3 2 Applicability of Wealth Tax Act Applicable to Individuals HUF Company AOP 45 Non Applicability of Wealth Tax Act Companies registered u s 25 of Companies Act Co operative Societies Social Club Political Party and Transfer to any person by Book Entries or as Gift.

Section 2(e). The right to receive compensation under the W.B. Estate Acquisition Act, constitutes an asset under section 2(e) of the Wealth-tax Act, even though such compensation is yet to be determined or paid; Commissioner of Wealth-tax, Calcutta.

LIABILITY OF WEALTH TAX OF DECEASEDPERSON When a person dies, his executors/administrator/Legal Representative shall pay Wealth Tax out of the assets of deceased (to the extent the estate is capable of meeting the charge) When a person dies without filing the wealth tax return, the A.O shall make the Assessment and determine the Net wealth and.

Income-tax is levied on the income of the taxpayer, whereas wealth tax is levied on the wealth of the taxpayer. Wealth tax is governed by Wealth Tax Act, In this part you can gain knowledge on various provisions of Wealth Tax Act, Here, it is to be noted that Wealth-tax Act, is abolished w.e.f.

Basic provisions. Wealth tax act 1. PREPARED BY: KIRTI RASHMI LLOYD LAW COLLEGE. INTRODUCTION 1. Introduced in 2. Revised in by recommendation of CHELLIAH COMMITTEE. Repealed by Budget 4.

No longer leviable from the assessment year 3. WEALTH TAX ACT, 27 of An Act to provide for the levy of wealth-tax. BE it enacted by Parliament in the Eighth Year of the Republic of India as follows: SECTION SHORT TITLE, EXTENT AND COMMENCEMENT (1) This Act may be called the Wealth-tax Act, ASSETS CHARGEABLE UNDER WEALTH TAX ACT, CA.

V RAMNATH, B COM, FCA COIMBATORE [email protected] 1. Introduction: The concept of charging wealth tax on assets underwent a change in the year Tax was sought to be levied on non-productive six assets instead of taxing all the assets subject to certain exemptions.

valuation of assets under wealth tax act, Section 7(1): Valuation of assets other than cash shall be determined in the manner laid down in schedule III of the wealth Tax Act.

Before moving ahead first let’s see the assets which fall under the definition of assets as per section 2(ea) and shall be included in the wealth of a person.

This is an item of wealth which is outside the definition of “Assets” as per Section 2 (ea) of the wealth Tax Act,being regarded as non-productive asset and from the Assessment Year completely exempt from wealth tax without any monetary limit.

In exercise of the powers conferred by section 46 of the Wealth-tax Act. ] (27 of ), the Central Board of Revenue hereby makes the following rules, namely: Short title and commencement.

(1) These rules may be called the Wealth-tax Rules, (2) They shall he deemed to have come into force on the 1st day of April, 1A. The Wealth-Tax Act, (27 OF ) [12th September, ] An Act to provide for the levy of wealth-tax. Be it enacted by Parliament in the Eighth Year of the Republic of India as follows: —.

An Act to provide for the levy of wealth-tax. BE it enacted by Parliament in the Eighth Year of the Republic of India as follows: (1) This Act may be called the Wealth-Tax Act, (2) It extends to the whole of India. (3) It shall be deemed to have come into force on the 1st day of April, 2. Definitions.

WEALTH-TAX ACT THE WEALTH-TAX ACT, ACT NO. 27 OF 1* [12th September, ] An Act to provide for the levy of wealth-tax. BE it enacted by Parliament in the Eighth Year of the Republic of India as follows: CHAP PRELIMINARY CHAPTER I PRELIMINARY Short title, extent and commencement.

But wealth has its own definition as per wealth tax act, This article is about understanding the basics of wealth tax in India, who should pay this and consequences of non-compliance. Did you know: If you evade wealth tax payments, then tax authorities may impose penalty of upto % of the Tax amount sought to be evaded and in extreme.

Buy Taxation Law & Accounts-II AY Book by Dr H.C Mehrotra Dr S.P Goyal For III Year of Kerala University online at lowest price in India.Supreme Court in the case of CWT v. T. S. Sundaram () ITR 61 (SC) after considering the relevant provisions of the Wealth Tax Act and Rules have held that in computing the net wealth of a firm under rule 2 of the Wealth Tax Rules,the assets exempted under section 5 of the Act should be included and then apportioned among the.• All banking valuations are so far carried out by the Registered Valuers under section 34 AB of wealth tax act, rather most of the nationalized banks have precondition, that the applicant on the panel of Valuers should be Govt.

Reg. valuer under Wealth Tax act, • Net book value of NPAs of banks with respect to lending is much less.