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of <h1>Finance Bill 2012 amends Wealth-tax Act, extending assessment of undisclosed foreign assets up to 16 years.</h1> Clause 110 of the Finance Bill, 2012 amends section 17 of the Wealth-tax Act, effective from July 1, 2012. The amendment allows assessment of escaped wealth related to assets outside India, overriding the four-year limitation in certain cases. It introduces a new clause permitting assessment of such wealth up to sixteen years after the relevant year. An additional explanation clarifies that these provisions apply to assessment years on or before April 1, 2012. The amendments ensure that undisclosed foreign assets are assessable even if initially omitted from assessments.
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