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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Wealth-tax Act Section 17: Includes Foreign Assets in Assessment for Up to 16 Years, Effective July 2012.</h1> Section 17 of the Wealth-tax Act was amended by the Finance Act, 2012, effective July 1, 2012. The amendment introduces a proviso stating that the first proviso does not apply if net wealth related to assets outside India has escaped assessment. In sub-section (1A), the amendment includes assets outside India in the assessment period of up to sixteen years. A new clause in the Explanation defines assets outside India, and a clarification (Explanation 2) states that these provisions apply to any assessment year starting on or before April 1, 2012.
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