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of <h1>Revenue Audit Finds Errors in Wealth-Tax Calculations: Incorrect Rates, Deductions, and Asset Inclusions Highlighted.</h1> The circular addresses errors in wealth and tax liability computations identified by the Revenue Audit. Key mistakes include incorrect application of wealth-tax rates, failure to apply certain rules, omission of additional taxes on urban properties, and incorrect deductions. Specific cases illustrate these errors, such as repeated exemptions leading to under-assessment and incorrect tax rates applied to wealth exceeding Rs. 10 lakhs. Over-assessment issues are also highlighted, including incorrect asset inclusion and excess tax levies. The Board emphasizes the need for Wealth-tax Officers to scrutinize returns carefully, verify calculations, and accurately document asset details and taxpayer status to prevent such errors.
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