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of <h1>Wealth-tax Officers Urged to Improve Coordination for Beneficiary Interest Assessment u/s 21(1) of Wealth-tax Act 1957.</h1> Instances have been identified where beneficiaries' interests in trusts have not been assessed under section 21(1) of the Wealth-tax Act 1957. The Board attributes these oversights to inadequate scrutiny of records and poor communication between Wealth-tax Officers responsible for beneficiaries and those assessing trustees. To address this, the Board instructs Wealth-tax Officers to thoroughly review relevant records and coordinate with officers assessing trusts to confirm whether beneficiaries' interests have been assessed. Officers assessing trustees must inform those with jurisdiction over beneficiaries about actions taken regarding their interests in the trust.
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