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of <h1>Section 16 Wealth Tax Act: Procedures for Tax Assessment, Demand Notices, and Evidence Requirements for Understated Wealth</h1> Section 16 of the Wealth Tax Act, 1957, outlines the procedures for wealth tax assessment. When a return is filed, any tax or interest due is communicated to the taxpayer, and this communication serves as a notice of demand. If a refund is due, it is granted, and an intimation is sent. The Assessing Officer can issue a notice requiring evidence if the net wealth is understated or tax underpaid. Failure to comply allows the officer to estimate the net wealth and determine tax payable. Regular assessments adjust any tax or interest paid or refunded, and relevant provisions of the Act apply.
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