Wealth-tax Act

Section 55A- Reference to Valuation officer

Income Tax - Article discusses about Basic provisions, Circumstances in which reference under section 55A of Income Tax Act, 1961 can be made to valuation officer, etc....

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All about Wealth Tax Act, 1957

Income Tax - Article discusses about Basic provisions, Following entities are not liable to pay wealth-tax, Manner of computation of net wealth, Wealth-tax and residential status,  Assets covered/exempt under wealth-tax, Net wealth to include certain assets, Valuation of asset, Some of the significant provisions of Wealth-tax Law...

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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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Bangalore Club not liable to pay wealth tax, SC explains Rule 21AA applicability

Bangalore Club Vs CIT (Supreme Court of India) - Bangalore Club Vs CIT (Supreme Court) 1. In the year of grace 1868, a group of British officers banded together to start the Bangalore Club. In the year of grace 1899, one Lt. W.L.S. Churchill was put up on the Club’s list of defaulters, which numbered 17, for an amount of Rs.13/- being for an [&h...

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No addition for jewellery for mere non-match with description in Wealth-tax returns

Rajkumar B. Agarwal Vs DCIT (ITAT Pune) - Rajkumar B. Agarwal Vs DCIT (ITAT Pune) No addition on account of jewellery items on seized documents did not tally with description of jewellery in Wealth-tax returns in case total weight of jewellery was same Conclusion: Where total gold jewellery in weight found at the time of search matched with...

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No Wealth Tax on Commercial Asset which is Capable of being put to Productive Use

M/s. Chavva Estates Private Vs Wealth Tax Officer (ITAT Hyderabad) - M/s. Chavva Estates Private Vs Wealth Tax Officer (ITAT Hyderabad) We find that as long as the assessee owns the commercial asset, which is capable of being put to productive use, the said commercial asset is not exigible to Wealth Tax. In this case, the assessee along with two other companies owns ...

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Wealth Tax leviable on land on which Construction is under process

The Commissioner Of Wealth Tax Vs Shri. K. C. Rajan (Kerala High Court) - Only a land in which the building is completely constructed stands excluded under the exclusionary provision under Explanation (1 )(b)(ii) of Section 2(ea) of Wealth Tax Act, 1957...

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No wealth tax on land used for business purpose by construction / set up of office and service centre

Dongfang Electric (India) P Ltd Vs DCWT (ITAT Kolkata) - Dongfang Electric (India) P Ltd Vs DCWT (ITAT Kolkata) Assets deployed for service activities are treated as productive assets and accordingly the construction / set up of office and service centre by the assessee and used as such for its business purposes would be outside the ambit of wealth tax in...

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Monetary limits for filing/withdrawal of Wealth Tax appeals by dept

Circular No. 05/2019-Income Tax - (05/02/2019) - Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation....

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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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Recent Posts in "Wealth-tax Act"

Bangalore Club not liable to pay wealth tax, SC explains Rule 21AA applicability

Bangalore Club Vs CIT (Supreme Court of India)

Bangalore Club Vs CIT (Supreme Court) 1. In the year of grace 1868, a group of British officers banded together to start the Bangalore Club. In the year of grace 1899, one Lt. W.L.S. Churchill was put up on the Club’s list of defaulters, which numbered 17, for an amount of Rs.13/- being for an […]...

Read More

Section 55A- Reference to Valuation officer

Article discusses about Basic provisions, Circumstances in which reference under section 55A of Income Tax Act, 1961 can be made to valuation officer, etc....

Read More
Posted Under: Income Tax |

No addition for jewellery for mere non-match with description in Wealth-tax returns

Rajkumar B. Agarwal Vs DCIT (ITAT Pune)

Rajkumar B. Agarwal Vs DCIT (ITAT Pune) No addition on account of jewellery items on seized documents did not tally with description of jewellery in Wealth-tax returns in case total weight of jewellery was same Conclusion: Where total gold jewellery in weight found at the time of search matched with the earlier declarations made by [&hell...

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Monetary limits for filing/withdrawal of Wealth Tax appeals by dept

Circular No. 05/2019-Income Tax (05/02/2019)

Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation....

Read More

No Wealth Tax on Commercial Asset which is Capable of being put to Productive Use

M/s. Chavva Estates Private Vs Wealth Tax Officer (ITAT Hyderabad)

M/s. Chavva Estates Private Vs Wealth Tax Officer (ITAT Hyderabad) We find that as long as the assessee owns the commercial asset, which is capable of being put to productive use, the said commercial asset is not exigible to Wealth Tax. In this case, the assessee along with two other companies owns the theatre but […]...

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Wealth Tax leviable on land on which Construction is under process

The Commissioner Of Wealth Tax Vs Shri. K. C. Rajan (Kerala High Court)

Only a land in which the building is completely constructed stands excluded under the exclusionary provision under Explanation (1 )(b)(ii) of Section 2(ea) of Wealth Tax Act, 1957...

Read More

No wealth tax on land used for business purpose by construction / set up of office and service centre

Dongfang Electric (India) P Ltd Vs DCWT (ITAT Kolkata)

Dongfang Electric (India) P Ltd Vs DCWT (ITAT Kolkata) Assets deployed for service activities are treated as productive assets and accordingly the construction / set up of office and service centre by the assessee and used as such for its business purposes would be outside the ambit of wealth tax in the same manner in […]...

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Wealth Tax on land and building which is not used for business purposes

Indian Express Newspapers (Bombay) Private Ltd Vs IAC (Bombay High Court)

Writ of prohibition restraining the respondents fromgiving effect to the notices issued for assessment dated 22nd May, 1987, notices for penalty dated 4th August, 1987 and notices for launching of prosecution dated 31st July, 1987 all under the Wealth Tax Act, 1957 (Wealth Tax Act); and...

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All about Wealth Tax Act, 1957

Article discusses about Basic provisions, Following entities are not liable to pay wealth-tax, Manner of computation of net wealth, Wealth-tax and residential status,  Assets covered/exempt under wealth-tax, Net wealth to include certain assets, Valuation of asset, Some of the significant provisions of Wealth-tax Law...

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Posted Under: Income Tax |

CBDT instructions on seizure of jewellery and ornaments are discretionary

Shri Keshav Lila Vs. Assistant Commissioner of Income Tax-1(2) (ITAT Indore)

Shri Keshav Lila Vs. ACIT (ITAT Indore) CBDT instructions which in our view provides a guideline to the search conducting team that no seizure should be made of the jewellery and ornaments found during the course of search proceedings u/s 132 of the Act, if the same have been duly declared in the wealth tax […]...

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