Wealth tax exemption updated; residential property cap and public-interest disclosure rules now govern assessment information. Amendments revise the Wealth-tax Act to exempt one house used exclusively for residence from net wealth up to a capped value in larger population centres; omit section 42 and replace sections 42A-42B to authorize government publication of assessee names and particulars (deferred until appeal rights are exhausted) and permit the Commissioner to disclose assessment information in the public interest with his decision final; modify section 43 wording to include 'the Government or'; and substitute Part I of the Schedule with a new progressive rate structure for individuals and Hindu undivided families.
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Wealth tax exemption updated; residential property cap and public-interest disclosure rules now govern assessment information.
Amendments revise the Wealth-tax Act to exempt one house used exclusively for residence from net wealth up to a capped value in larger population centres; omit section 42 and replace sections 42A-42B to authorize government publication of assessee names and particulars (deferred until appeal rights are exhausted) and permit the Commissioner to disclose assessment information in the public interest with his decision final; modify section 43 wording to include "the Government or"; and substitute Part I of the Schedule with a new progressive rate structure for individuals and Hindu undivided families.
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