Amendment of section 17A.
111. In section 17A of the Wealth-tax Act, with effect from the 1st day of July, 2012––
(i) in sub-section (1), in the second proviso, for the words, letters and figures “commencing on the 1st day of April, 2004 or any subsequent year”, the words, letters and figures “commencing on or after the 1st day of April, 2004 but before the 1st day of April, 2010” shall be substituted;
(ii) in sub-section (2), in the second proviso, for the words, letters and figures “after the 1st day of April, 2005”, the words, letters and figures “after the 1st day of April, 2005 but before the 1st day of April, 2011” shall be substituted;
(iii) in sub-section (3), in the second proviso, for the words, letters and figures “after the 1st day of April, 2005”, the words, letters and figures “after the 1st day of April, 2005 but before the 1st day of April, 2011” shall be substituted.
Notes on Clauses:
Clause 111 of the Bill seeks to amend section 17A of the Wealth- tax Act relating to time limit for completion of assessment and reassessment.
The existing provisions of the aforesaid section 17A, inter alia, provide for time limit for completion of assessments and reassessments of net wealth by the Assessing Officer.
It is proposed to amend the aforesaid section so as to revise the time limits for completion of assessment and reassessment.
The revised time limits shall be the time limits specified under the aforesaid section, as respectively increased by three months.
These amendments will take effect from 1st July, 2012.
