Wealth tax assessment procedure: intimation, notices and Assessing Officer's power to assess or estimate net wealth. Assessment under the Wealth-tax Act requires that where a return is filed the Assessing Officer issue an intimation as a notice of demand for any tax or interest found due, or grant and intimate refunds; statutory time limits apply for issuing intimations. The Assessing Officer may call for attendance or production of evidence within prescribed periods, and after considering evidence must make a written assessment of net wealth. Failure to furnish returns or comply with notices permits the Assessing Officer to estimate net wealth to the best of his judgment. Payments and refunds under intimations are allocated to subsequent regular assessments and excess refunds may be deemed tax payable.
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Wealth tax assessment procedure: intimation, notices and Assessing Officer's power to assess or estimate net wealth.
Assessment under the Wealth-tax Act requires that where a return is filed the Assessing Officer issue an intimation as a notice of demand for any tax or interest found due, or grant and intimate refunds; statutory time limits apply for issuing intimations. The Assessing Officer may call for attendance or production of evidence within prescribed periods, and after considering evidence must make a written assessment of net wealth. Failure to furnish returns or comply with notices permits the Assessing Officer to estimate net wealth to the best of his judgment. Payments and refunds under intimations are allocated to subsequent regular assessments and excess refunds may be deemed tax payable.
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