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of <h1>Section 14 of Wealth Tax Act: File net wealth return if exceeding non-taxable limit; extension provision removed in 1989.</h1> Under the Wealth Tax Act, 1957, Section 14 mandates that individuals whose net wealth exceeds the non-taxable limit must submit a return of their net wealth by the due date, as defined in the Income-tax Act. This return must be in the prescribed form and manner, detailing the net wealth and other specified particulars. A return indicating net wealth below the taxable limit is considered not filed, except when submitted in response to a notice under Section 17. The provision previously allowed the Assessing Officer to extend the return submission date, but this was omitted in 1989.
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