https://www.taxtmi.com/circulars?id=10104 Wealth-tax officers must cease deducting the basic exemption when computing net wealth for tax calculation; where a clerical practice led to double exclusion of the exemption and incorrect tax computation, future assessments must not apply the exemption at the net-wealth computation stage. A retrospective review of high-value assessments completed during the two specified financial years is required to identify cases where the exemption was wrongly deducted and to report findings to the Board within the prescribed timeframe. en-us Thu, 13 Sep 1973 00:00:00 +0530 Fri, 17 Jun 2011 17:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10104 Wealth-tax officers must cease deducting the basic exemption when computing net wealth for tax calculation; where a clerical practice led to double exclusion of the exemption and incorrect tax computation, future assessments must not apply the exemption at the net-wealth computation stage. A retrospective review of high-value assessments completed during the two specified financial years is required to identify cases where the exemption was wrongly deducted and to report findings to the Board within the prescribed timeframe. Circulars Income Tax Thu, 13 Sep 1973 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10104