TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Section 37C: Retained Assets Used for Tax Liabilities and Penalties; Surplus Returned with Interest to Asset Holders.</h1> Section 37C of the Wealth Tax Act, 1957, outlines the application of retained assets under section 37A. It allows for the recovery of liabilities from retained assets, including penalties and interest, if the taxpayer is in default. If assets include money, it can be used to settle liabilities, discharging the taxpayer to that extent. Non-monetary assets may be sold to cover remaining liabilities, following procedures from the Income-tax Act. Any surplus after liabilities are settled is returned to the original asset holders. The Central Government must pay 15% interest on excess retained funds beyond liabilities, calculated from a specified date.
TaxTMI 
TaxTMI 
