Wealth tax exemptions and compliance tightened: specified government savings recognised, concealment thresholds defined, penalties and rates revised. Amendments insert exemptions in section 5 for fixed deposits under Central Government-notified schemes and for individual credits in Central Government-notified provident funds; revise section 18 to set penalties up to twice the value of concealed or inaccurately stated assets or debts with explanatory deeming rules based on seventy-five per cent. and twenty-five per cent. thresholds, and substitute the Schedule's Paragraph A of Part I with a revised progressive rate structure for individuals and Hindu undivided families.
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Provisions expressly mentioned in the judgment/order text.
Wealth tax exemptions and compliance tightened: specified government savings recognised, concealment thresholds defined, penalties and rates revised.
Amendments insert exemptions in section 5 for fixed deposits under Central Government-notified schemes and for individual credits in Central Government-notified provident funds; revise section 18 to set penalties up to twice the value of concealed or inaccurately stated assets or debts with explanatory deeming rules based on seventy-five per cent. and twenty-five per cent. thresholds, and substitute the Schedule's Paragraph A of Part I with a revised progressive rate structure for individuals and Hindu undivided families.
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