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of <h1>Amendment to Section 18 of Wealth-tax Act Revises Penalties for Non-compliance, Details Penalty Limits and Approvals</h1> The amendment to section 18 of the Wealth-tax Act, 1957, under the Taxation Laws (Amendment) Act, 1975, revises penalties for non-compliance. It introduces penalties based on assessed tax for defaults, ranging from 2% per month to up to five times the tax evaded for concealment or inaccuracies. It clarifies the definition of 'assessed tax' and outlines scenarios where explanations for discrepancies are considered false or unsubstantiated. It also mandates prior approval for penalties exceeding Rs. 25,000 and limits aggregate penalties to five times the evaded tax. The amendment excludes certain periods from the limitation period for penalty proceedings.
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