Wealth-tax
Amendment of section 22D.
54. In section 22D of the Wealth-tax Act, in sub-section (4A),—
(a) in clause (ii), after the words, figures and letters "the 1st day of June, 2007", the words, figures and letters "but before the 1st day of June, 2010" shall be inserted;
(b) after clause (ii), the following clause shall be inserted with effect from the 1st day of June, 2010, namely:—
"(iii) in respect of an application made on or after the 1st day of June, 2010, within eighteen months from the end of the month in which the application was made.".
Notes on Clauses:
Clause 54 of the Bill seeks to amend section 22D of the Wealth tax Act relating to procedure on receipt of an application under section 22C.
Under the existing provisions of sub-section (4A) of the aforesaid section, Settlement Commission shall pass an order within twelve months from the end of the month in which the application was made.
It is proposed to amend the said sub-section so as to provide that the Settlement Commission shall pass an order in respect of an application made on or after 1st June, 2007 but before 1st June, 2010, within twelve months and in respect of application made on or after 1st June, 2010 within eighteen months from the end of the month in which the application was made.
This amendment will take effect from 1st June, 2010.
