https://www.taxtmi.com/circulars?id=8829 Misapplication of the basic exemption under the Wealth Tax Act for assessment years up to 1971-72 produced incorrect wealth-tax calculations through errors such as adopting incorrect exemption limits, allowing the exemption twice, or applying HUF exemption limits to Individuals, causing loss of revenue; the Board directs Commissioners to ensure assessing officers exercise due care in allowing deductions and verifying return data so the prescribed basic exemption is correctly adopted. en-us Wed, 23 Feb 1972 00:00:00 +0530 Fri, 27 May 2011 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8829 Misapplication of the basic exemption under the Wealth Tax Act for assessment years up to 1971-72 produced incorrect wealth-tax calculations through errors such as adopting incorrect exemption limits, allowing the exemption twice, or applying HUF exemption limits to Individuals, causing loss of revenue; the Board directs Commissioners to ensure assessing officers exercise due care in allowing deductions and verifying return data so the prescribed basic exemption is correctly adopted. Circulars Income Tax Wed, 23 Feb 1972 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8829