Section 143 - Insertion of new Chapter IVB (Omitted)

Additional 3% Wealth Tax on Net Wealth Exceeding Declared Amount Under Relevant Rules

Where a person's net wealth assessed exceeds the net wealth declared in their return, an additional wealth-tax at three percent is imposed on the excess. If multiple returns exist, the last submitted before notice is considered; failure to file returns results in a zero declared net wealth. Adjustments to additional tax follow reassessments or orders, with refunds for reductions and demands for increases. The tax authority may waive or reduce additional tax if excess arises from bona fide interpretation disputes, subject to appeal decisions and a fee. During searches, undisclosed assets found are excluded from declared net wealth unless recorded in accounts or disclosed before the search date, or admitted during the search with tax paid accordingly. The additional wealth-tax is separate from the regular wealth tax liability.