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of <h1>Taxpayers Can Apply for Wealth Tax Refunds on Agricultural Land Retroactively Exempted by Finance Act 2013, Section 25.</h1> The circular authorizes Principal Commissioners/Commissioners of Wealth-tax to accept applications for revision under section 25 of the Wealth-tax Act from taxpayers seeking refunds due to the retrospective exemption of urban land classified as agricultural land from wealth tax, effective from April 1, 1993. This amendment, introduced by the Finance Act 2013, necessitates refunds for wealth tax previously paid on such land. The circular allows applications beyond the usual time limits to prevent hardship, with a requirement for resolution within one year. Applications must be submitted within one year from the order's issue date to be considered.
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