Exemption of annuity receipts under annuity deposit scheme from wealth tax; prior assessments to be rectified accordingly. The Board has determined that annuities receivable under the Annuity Deposit Scheme are generally non-commutable and therefore their value should be exempted from wealth-tax; a clarificatory retrospective amendment will be made and pending assessments will not include such annuity value while completed assessments will be rectified suo moto or on application.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exemption of annuity receipts under annuity deposit scheme from wealth tax; prior assessments to be rectified accordingly.
The Board has determined that annuities receivable under the Annuity Deposit Scheme are generally non-commutable and therefore their value should be exempted from wealth-tax; a clarificatory retrospective amendment will be made and pending assessments will not include such annuity value while completed assessments will be rectified suo moto or on application.
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