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of <h1>Time Limits for Wealth Tax Assessments: Section 17A Reduces Period for Post-2004 Cases, Details Extensions for Court Orders</h1> Section 17A of the Wealth Tax Act, 1957, outlines the time limits for completing assessments and reassessments. Generally, assessments under section 16 must be completed within two years from the end of the assessment year when the net wealth was first assessable, with specific provisions for earlier years. For assessment years starting from April 1, 2004, the period is reduced to 21 months. Reassessments under section 17 must be completed within one year from the end of the financial year when the notice was served, with exceptions for certain years reducing this to nine months. Additional provisions address situations involving court orders and the Wealth-tax Settlement Commission, allowing for extensions in specific cases.
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