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of <h1>Income and Wealth Tax Assessments to be Summarized Simultaneously for Net Wealth Up to Rs. 5 Lakhs.</h1> The Board has instructed that when an individual's income-tax assessment is conducted summarily based on their filed return, their wealth-tax assessment should also be completed similarly if the declared net wealth is Rs. 5 lakhs or less. This means both assessments should be finalized simultaneously without requiring additional evidence from the assessee. However, if the declared net wealth exceeds Rs. 5 lakhs, the assessment should proceed as usual, with further inquiry if necessary. These instructions are to be communicated to all relevant officers.
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