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of <h1>CBDT Circular: Separate Wealth-Tax Records for Agricultural Land; Immediate Form Modifications Required for Accurate Tracking.</h1> The circular issued by the Central Board of Direct Taxes (CBDT) on December 7, 1971, instructs tax authorities to maintain separate accounts for wealth-tax demands and collections related to agricultural land. Due to the current forms not accommodating this separation, interim modifications are required. The Challan and Demand & Collection Register (D & CR) should be adjusted to reflect distinct entries for agricultural and non-agricultural assets. The circular also outlines the calculation method for wealth-tax on agricultural assets, emphasizing proportionality to total assets. Additional columns must be manually added to existing forms to account for additional wealth-tax until revised forms are available. These instructions must be implemented immediately.
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