Agricultural land exemption cap introduced, altering asset exclusions and defining defaults and surcharge calculations under wealth tax. Amendments revise the definition of assets to exclude specified items for defined assessment years, introduce an agricultural land exemption cap with a reduction mechanism where an assessee owns certain houses, exempt growing crops and cultivation tools (excluding processing machinery), and reform penalties in section 18 by prescribing a monthly half-percent default levy and a separate one-percent minimum surcharge, with an explanation defining assessed net wealth for those charges.
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Provisions expressly mentioned in the judgment/order text.
Agricultural land exemption cap introduced, altering asset exclusions and defining defaults and surcharge calculations under wealth tax.
Amendments revise the definition of assets to exclude specified items for defined assessment years, introduce an agricultural land exemption cap with a reduction mechanism where an assessee owns certain houses, exempt growing crops and cultivation tools (excluding processing machinery), and reform penalties in section 18 by prescribing a monthly half-percent default levy and a separate one-percent minimum surcharge, with an explanation defining assessed net wealth for those charges.
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