Tax Commissioners Urged to Correct Wealth Tax Errors for 1971-72; Ensure Proper Deductions and Data Verification.

The circular instructs tax commissioners to ensure that assessing officers exercise due diligence when allowing deductions and verifying data in tax return forms. It highlights issues identified by the Revenue Audit, where Wealth Tax was incorrectly calculated due to errors in applying basic exemptions. Despite the withdrawal of basic exemptions by the Finance Act of 1971, the circular emphasizes that assessments up to the 1971-72 year should adhere to the prescribed exemptions for individuals and Hindu Undivided Families (HUFs). The Board urges commissioners to prevent errors that lead to revenue loss, such as incorrect exemption applications or duplications.

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