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 Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Amendment to Wealth-tax Act: Precious Metals Excluded from Exemptions; Vehicle Exemption Capped at Rs. 25,000.</h1> The circular addresses the amendment to section 5(1)(viii) of the Wealth-tax Act by the Finance (No. 2) Act, 1971, which limits exemptions on certain personal or household items. Items made of or containing precious metals, such as gold or silver, are excluded from exemptions, and vehicles are exempt only up to Rs. 25,000. The Finance Minister emphasized avoiding detailed inquiries into minor items to prevent taxpayer harassment, as the intention is not to cause undue hardship but to prevent tax evasion. Assessing Officers are instructed to consider these guidelines during evaluations.
TaxTMI 
TaxTMI 
