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of <h1>Annuities from Annuity Deposit Scheme Exempt from Wealth-Tax; Clarification u/s 2(e)(iv) of Wealth-tax Act.</h1> The circular addresses the liability to wealth-tax of annuities receivable on annuity deposits under the Income-tax Act. It refers to a previous circular and clarifies that annuities under the Annuity Deposit Scheme are generally non-commutable and should be exempt from wealth-tax under section 2(e)(iv) of the Wealth-tax Act, 1957. A clarificatory amendment to section 5(1) is proposed with retrospective effect. Pending assessments will exclude the value of such annuities from net wealth, and completed assessments will be rectified to remove the commuted value of annuity deposits. Applications for rectifications by assessees will be accepted.
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