https://www.taxtmi.com/circulars?id=4426 The Board concluded that annuities under the annuity deposit scheme are generally non-commutable and thus exempt from wealth-tax under section 2(e)(iv), and proposed a retrospective clarificatory amendment to section 5(1). Pending assessments must not include the value of such annuities in net wealth; completed assessments that included commuted values are to be rectified suo motu and applications for rectification will be accepted. The prior position treated such annuities as includible where commutation was possible, valuing them by reference to the scheme's table of commuted values. en-us Tue, 10 Jun 1969 00:00:00 +0530 Tue, 29 Jul 2008 17:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4426 The Board concluded that annuities under the annuity deposit scheme are generally non-commutable and thus exempt from wealth-tax under section 2(e)(iv), and proposed a retrospective clarificatory amendment to section 5(1). Pending assessments must not include the value of such annuities in net wealth; completed assessments that included commuted values are to be rectified suo motu and applications for rectification will be accepted. The prior position treated such annuities as includible where commutation was possible, valuing them by reference to the scheme's table of commuted values. Circulars Income Tax Tue, 10 Jun 1969 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4426