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of <h1>Section 17A of Wealth-tax Act Sets Time Limits for Assessments; Specific Exceptions for Reassessments Apply</h1> Section 17A, inserted into the Wealth-tax Act, 1957 by the Taxation Laws (Amendment) Act, 1975, establishes time limits for completing assessments and reassessments. For assessments prior to April 1, 1975, the limit is four years from that date or one year from filing a return, whichever is later. For assessments from April 1, 1975, it is four years from the end of the assessment year or one year from filing a return. Exceptions exist for reassessments due to court orders or directions, which can be completed at any time. Specific exclusions apply to the computation of limitation periods.
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