Section 17A - Time limit for completion of assessment and reassessment

Time limit for wealth tax assessment: limitation periods, extensions and exclusions govern assessment and reassessment procedures.

Limitation periods govern wealth tax assessments: original assessments are generally time barred after two years from the end of the assessment year when net wealth first arose (with transitional shorter periods for certain years); reassessments under notice are time barred after one year from the end of the financial year in which notice was served (subject to transitional shorter periods). Exclusions apply for reopening, stays, Settlement Commission processing and other specified intervals, with minimum residual periods and special rules for fresh assessments following orders that set aside or cancel assessments. Assessments to give effect to orders or court findings are excluded from ordinary limits and an asset held to belong to another is treated as consequential assessment if opportunity to be heard was given.