Wealth-tax threshold increased for assessment years commencing from the effective date, altering the taxable exemption limit. Amendment increases the monetary threshold in section 3 of the Wealth tax Act by inserting a proviso that, for every assessment year commencing on and from the effective date, the section shall operate as if the earlier prescribed monetary figure had been substituted by a higher prescribed figure; the change applies prospectively to those assessment years and affects the exemption threshold used to determine wealth tax liability.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Wealth-tax threshold increased for assessment years commencing from the effective date, altering the taxable exemption limit.
Amendment increases the monetary threshold in section 3 of the Wealth tax Act by inserting a proviso that, for every assessment year commencing on and from the effective date, the section shall operate as if the earlier prescribed monetary figure had been substituted by a higher prescribed figure; the change applies prospectively to those assessment years and affects the exemption threshold used to determine wealth tax liability.
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