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of <h1>New Sections 18A & 18B in Wealth-tax Act: Penalties for Non-Compliance, Potential Waivers for Voluntary Disclosure.</h1> The amendments to the Wealth-tax Act, 1957, introduce sections 18A and 18B. Section 18A imposes penalties on individuals who refuse to answer questions, sign statements, or provide required information during wealth-tax proceedings, with fines up to one thousand rupees or ten rupees per day for continued non-compliance. Section 18B allows the Commissioner discretion to reduce or waive penalties for individuals who voluntarily disclose their net wealth in good faith before detection, provided they cooperate with inquiries and settle any tax dues. Penalty reduction or waiver for amounts exceeding five hundred thousand rupees requires Board approval, and relief is limited to specific assessment years.
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