Wealth-tax Act

All about Wealth Tax Act,1957

Income Tax - 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, 1957. In this part you can gain knowledge on various provisions of Wealth Tax Act, 1957. Here, it is to be noted that Wealth-tax Act, 1957 is abolished w.e.f. 1-4-2016....

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Section 55A- Reference to Valuation officer

Income Tax - At times in the process of completion of the assessment of a taxpayer or for any other purpose, the tax authorities need to ascertain the value of any capital asset. In such a case, the tax authorities can make a reference to the valuation officer (*)...

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How to file online Rectification Request for Wealth Tax Return

Income Tax - To file your Rectification request online for Wealth Tax Return files online on Income Tax Online Portal , you should be a registered user in e-Filing application. Below listed e the steps to file Rectification....

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5 Major Reasons Behind Income Tax Notices

Income Tax - Although it’s quite common to receive notices from IT department, people do get scared when they get one. What one needs to know is it’s not as big deal as one believes it to be, and if handled tactfully, one can get rid of any further complications. Following are some common reasons why people recieve […]...

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Mandatory e-Filing of ITR / Wealth Tax Returns with or Without Digital Signature for A.Y. 2015-16

Income Tax - Recently we received an email from A CA from Delhi in which he said that Income Tax officers are not accepting ITR 3 and 4 despite no refund and income being less than 5 Lakh. The CA has further mailed that department is not accepting even Manual Wealth tax Return and asking them to file the same online. ...

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Non-applicability of Wealth-tax for November, 2015 CA Final Examination

Income Tax - The Finance Bill, 2015, introduced in the Parliament on 28th February, 2015, has proposed to abolish the levy of wealth-tax under the Wealth-tax Act, 1957 with effect from assessment year 2016-17. The Finance Bill, 2015 would be enacted in May 2015, after it is passed by both the Houses of the Parliament and receives the assent of the Pre...

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CBDT releases Form BB (Return of Net Wealth) for AY 2014-15

Income Tax - CA Sandeep Kanoi A company and an assessee being individual or HUF who is liable to audit u/s 44AB are required to furnish Form BB (Return of Net Wealth) electronically under digital signature for assessment year 2014‐15 and onwards. [Refer Notification No:32/2014 dated 23/06/2014]. Some of the Important Feature related to Filing of For...

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I-T returns should also include wealth tax returns – TARC

Income Tax - Filing of tax returns o    I-T returns should also include wealth tax return so that the taxpayer need not separately file wealth tax returns. These returns should also be processed together in the CPC at Bengaluru. o    The disclosures in the return should include a brief mention of the issues on which there has been […]...

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DTC to be bulkier than existing Income Tax Act

Income Tax - The proposed Direct Taxes Code (DTC), which will replace the archaic Income Tax Act, is bulkier than the existing law, as the new legislation also seeks to substitute the current Wealth Tax Act. While the proposed DTC has 319 sections and 22 schedules, there are 298 sections and 14 schedules in the existing act....

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Penalty cannot be levied on suo-motto additional wealth declared in revised belated return

Sahara India Commercial Corporation Ltd. Vs. DCIT (ITAT Delhi) - Assessment order shows that it is only basing on the revised assessment, the assessment was completed. Only reason stated by the AO for initiation of penalty was that no revision could be made in case of belated filing of the original return of wealth. ...

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Two different floors of one house property cannot be treated as two different residential houses

ITO Vs. Nathamuni Krishnaswamy Balaji (ITAT Chennai) - Where assessee purchased Ground Floor of the house property and had also purchased first floor of the said house property and deduction for both the ground floor and the first floor under section 54F by treating both the floors as one single residential unit thus he was entitled to became two differ...

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Wealth Tax not payable on Cash Balance generated out of Cash Sales

Surendra Pal Singh Vs DCWT (ITAT Kolkata) - Cash in hand referred to in Section 2(ea)(vi) of the Act represents only the personal cash of the assessee emanating from his personal balance sheet. It nowhere contemplated the inclusion of cash which is held as business asset....

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Value declared in Wealth Tax Return cannot be taken as Cost of Acquisition

Commissioner of Income Tax Vs Vasavi Pratap Chand (Delhi High Court) - Court is satisfied that no error was committed by the ITAT in holding that the value declared in the tax return filed by the Assessees under WTA cannot be taken to be the cost of acquisition in the hands of the Assessees....

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Re-Assessment under Wealth Tax Act without supplying reason for same is invalid

Ms. Megha Garg Vs The DCWT (ITAT Delhi) - Briefly the facts of the case as noted in the assessment order are that in this case assessment for A.Y. 2006-2007 has been reopened after recording satisfaction and obtaining approval of Addl. CIT, Range-25, New Delhi, under section 17 of the Wealth Tax Act....

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Compounding of Offences under Income Tax Act, 1961 & Wealth tax Act, 1957

F.No. 285/90/2013 IT(Inv.V) - (04/09/2015) - F.No. 285/90/2013 IT(Inv.V) Guidelines for Compounding of Offences under Income Tax Act, 1961/Wealth tax Act, 1957 in cases of persons holding undisclosed foreign bank accounts/assets...

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Extension of due date of filing return of wealth for A.Y. 2015-16 to 07.09.2015

F.No.328/08/2015-WT - (03/09/2015) - In view of CBDT order F.No.225/154/2015/ITA-II dated 2.9.2015 issued under section 119 of the Income-tax Act, extending the due date for e-filing returns of income from 31st August, 2015 to 7th September, 2015 in respect of all taxpayers who were required to e-file their returns of income by 31st Au...

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Extension of due date of filing Return of wealth for A.Y, 2015-16

328/08/2015-WT - (27/07/2015) - Central Board of Direct Taxes vide order under section 119 of the Income-tax Act F.No.225/154/ 2015/ETA-II dated 10.6.2015 has extended the 'due date' for filing Return of Income for assessment year 2015-16 in respect of assessees falling under clause (c) of explanation 2 to sub-section (1) of secti...

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Reg. Refund of Wealth Tax Paid on Urban Agricultural Land Used for Agriculture

Circular No. 11/2015-Income Tax - (11/06/2015) - CIRCULAR NO. 11/2015 Prior to amendment by Finance Act 2013, sub clause (b) of Explanation 1 to clause (ea) of section 2 of the Wealth-tax Act 1957 (Act) provided that an urban land shall be chargeable to wealth-tax. This inter alia included land situated in any area which is comprised within the ju...

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Wealth Tax : Chargeability of Interest on self-assessment tax paid

Circular No. 5/2015-Income Tax - (09/04/2015) - CIRCULAR NO. 5/2015, Dated: April 9, 2015 Chargeability of Interest under section 17B of the Wealth-tax Act, 1957 on self-assessment tax paid before the due date of filing of return of net wealth...

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Recent Posts in "Wealth-tax Act"

All about Wealth Tax Act,1957

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, 1957. In this part you can gain knowledge on various provisions of Wealth Tax Act, 1957. Here, it is to be noted that Wealth-tax Act, 1957 is abolished w.e.f. 1-4-2016....

Read More
Posted Under: Income Tax | ,

Section 55A- Reference to Valuation officer

At times in the process of completion of the assessment of a taxpayer or for any other purpose, the tax authorities need to ascertain the value of any capital asset. In such a case, the tax authorities can make a reference to the valuation officer (*)...

Read More
Posted Under: Income Tax | ,

Penalty cannot be levied on suo-motto additional wealth declared in revised belated return

Sahara India Commercial Corporation Ltd. Vs. DCIT (ITAT Delhi)

Assessment order shows that it is only basing on the revised assessment, the assessment was completed. Only reason stated by the AO for initiation of penalty was that no revision could be made in case of belated filing of the original return of wealth. ...

Read More

Two different floors of one house property cannot be treated as two different residential houses

ITO Vs. Nathamuni Krishnaswamy Balaji (ITAT Chennai)

Where assessee purchased Ground Floor of the house property and had also purchased first floor of the said house property and deduction for both the ground floor and the first floor under section 54F by treating both the floors as one single residential unit thus he was entitled to became two different floors of one house property could n...

Read More

Wealth Tax not payable on Cash Balance generated out of Cash Sales

Surendra Pal Singh Vs DCWT (ITAT Kolkata)

Cash in hand referred to in Section 2(ea)(vi) of the Act represents only the personal cash of the assessee emanating from his personal balance sheet. It nowhere contemplated the inclusion of cash which is held as business asset....

Read More

Value declared in Wealth Tax Return cannot be taken as Cost of Acquisition

Commissioner of Income Tax Vs Vasavi Pratap Chand (Delhi High Court)

Court is satisfied that no error was committed by the ITAT in holding that the value declared in the tax return filed by the Assessees under WTA cannot be taken to be the cost of acquisition in the hands of the Assessees....

Read More

Re-Assessment under Wealth Tax Act without supplying reason for same is invalid

Ms. Megha Garg Vs The DCWT (ITAT Delhi)

Briefly the facts of the case as noted in the assessment order are that in this case assessment for A.Y. 2006-2007 has been reopened after recording satisfaction and obtaining approval of Addl. CIT, Range-25, New Delhi, under section 17 of the Wealth Tax Act....

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Royal Buggy used by royal family for ceremonial occasions is exempt from Wealth Tax

Shantadevi p. Gaekwad Vs W.T.O (Gujarat High Court at Ahmedabad)

This appeal is filed by the assessee challenging the judgment of the Income Tax Appellate Tribunal (Tribunal for short) dated 26.9.2001. Appeal was admitted for consideration of following substantial question of law....

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How to file online Rectification Request for Wealth Tax Return

To file your Rectification request online for Wealth Tax Return files online on Income Tax Online Portal , you should be a registered user in e-Filing application. Below listed e the steps to file Rectification....

Read More
Posted Under: Income Tax |

Search and seizure are reasonable cause for delay in filing & Payment of Wealth Tax

Loknath Prasad Gupta Vs DCIT (ITAT Kolkata)

We understand that in case of search, assessee is to comply with law and various declaration and formalities which certainly take lot of time. From the aforesaid situation and circumstances, it is clear that there was sufficient cause which prevented the assessee to pay wealth tax in the wealth tax return...

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