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of <h1>Section 46 of Wealth Tax Act: Board's Rule-Making Power Includes Asset Valuation, Appeals, and Electronic Returns.</h1> Section 46 of the Wealth Tax Act, 1957, empowers the Board to create rules for implementing the Act's purposes. These rules can address various aspects, including determining asset market values, specifying return forms and verification processes, and identifying classes required to file electronic returns. They also cover appeal procedures, demand notices, interest calculations, and jurisdictional areas for Valuation Officers. Additionally, the rules can be applied retrospectively, provided they do not adversely affect taxpayers. All rules must be presented to Parliament, allowing for modifications or annulments without affecting prior actions under the rules.
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