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of <h1>CBDT Clarifies Wealth Tax Exemption for Outstanding Fees of Certain Advocates Under Wealth Tax Act, 1957.</h1> The circular issued by the Central Board of Direct Taxes (CBDT) clarifies the treatment of outstanding fees for wealth tax purposes under the Wealth Tax Act, 1957. It specifies that outstanding fees of advocates who only plead and do not act, such as those in the original sides of the Calcutta and Bombay High Courts and certain Supreme Court advocates, are not considered assets and are not subject to wealth tax. This is because there is no legal obligation for payment of their fees, which are based on honor rather than contract. Conversely, outstanding fees of other advocates and solicitors are considered assets and subject to wealth tax. Wealth-tax officers are instructed to apply this clarification to pending cases but not to reopen closed cases.
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