1424. Assessee becoming entitled to refund of tax paid as a result of exemption limit being raised from Rs. 1 lakh to Rs. 1.50 lakh by Finance (No. 2) Act, 1980 – Instructions for issue of refund without delay

1. The Finance (No.  2) Act, 1980 has amended the First Schedule to the Wealth-tax Act, 1957,  raising the limit of maximum amount not liable to wealth-tax from Rs. 1,00,000 to Rs. 1,50,000. The new provision has come into force from April 1, 1980 in terms of section 1(2) of the Finance (No. 2) Act, 1980. Accordingly, the benefit of higher wealth-tax exemption limit is available to taxpayers from the current assessment year, viz., 1980-81.

2. It has been brought to the notice of the Board that a sizeable number of taxpayers have paid wealth-tax on self-assessment while filing returns of net wealth, ranging between Rs. 1,00,000 to Rs. 1,50,000 prior to the enactment of the Finance (No. 2) Bill, 1980. Such assessees may become entitled to refund of tax paid in view of the fact that the exemption limit has been raised from Rs. 1,00,000 to Rs. 1,50,000.

3. The Board desire that as soon as a request is made in the type of cases mentioned in para 2, the assessments should be taken up forthwith and refund, if due, issued without any delay.

4. The above should be brought to the notice of all the officers in your charge.

Circular : No. 290 [F. No. 328/66/80-WT], dated 31-3-1981

More Under Income Tax

Leave a Comment

Your email address will not be published. Required fields are marked *