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Clarification on Interest under Section 17B of Wealth Tax Act 1957 for non -furnishing of return

Income Tax - 05/2015 - Dated:- 9-4-2015 - CIRCULAR NO. 5/2015 DATED 9-4-2015 Interest under section 17B of the Wealth-tax Act (hereinafter the Act) is charged in case of default in furnishing of return of net wealth by an assessee. The interest is charged at the specified rate on the amount of tax payable on the net wealth. Since the provisions of section 17B do not provide for reduction of the amount of self-assessment tax from the amount on which interest under section 17B is chargeable, inter .....

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