TaxTMI 
TaxTMI 
Definitions
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....ection 120 or any other provision of the Income-tax Act which apply for the purposes of wealth-tax under section 8 of this Act and also the ^4[Additional Commissioner or] ^5[Additional Director or] Joint Commissioner who is directed under clause (b) of sub-section (4) of the said section 120 to exercise or perform all or any of the powers and functions conferred on or assigned to the Assessing Officer under that Act;] ^6[(cb)] assessment includes reassessment ; (d) assessment year means a period of twelve months commencing on the 1st day of April, every year ;]] ^7[^8(e) ^9"assets" includes property of every description, movable or immovable, but does not include, (1) in relation to the assessment year commencing on the 1st day of April, 1969, or any earlier assessment year (i) agricultural land and growing crops, grass or standing trees on such land ; (ii) any building owned or occ....
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....on that for item (i) thereof, the following item shall be substituted, namely :- (i) (a) agricultural land other than land comprised in any tea, coffee, rubber or cardamom plantation ; (b) any building owned or occupied by a cultivator of, or receiver of rent or revenue out of, agricultural land other than land comprised in any tea, coffee, rubber or cardamom plantation : Provided that the building is on or in the immediate vicinity of the land and is a building which the cultivator or the receiver of the rent or revenue by reason of his connection with the land requires as a dwelling-house or a store-house or an out-house ; (c) animals;:] ^14[Provided further that in relation to the assessment year commencing on th....
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....meant exclusively for residential purposes and which is allotted by a company to an employee or an officer or a director who is in whole-time employment, having a gross annual salary of less than ^22[ten lakh rupees]; (2) any house for residential or commercial purposes which forms part of stock-in-trade; (3) any house which the assessee may occupy for the purposes of any business or profession carried on by him; (4) any residential property that has been let-out for a minimum period of three hundred days in the previous year; (5) any property in the nature of commercial establishments or complexes;] (ii) motor cars (other than those used by the assessee in the business of runni....
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....; (ii) in any area within the distance, measured aerially,- (I) not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than ten thousand but not exceeding one lakh; or (II) not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than one lakh but not exceeding ten lakh; or (III) not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than ten lakh,....
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....Waters, Continental Shelf, Exclusive Economic Zone and Other Maritime Zones Act, 1976, and the air space above its territory and territorial waters;] (l) ^37[***] (la) ^38[***] ^39[(lb) legal representative^40 has the meaning assigned to it in clause (11) of section 2 of the Code of Civil Procedure, 1908 (5 of 1908);] ^41[(lc) maximum marginal rate means the rate of wealth-tax applicable in relation to the highest slab of wealth in the case of an individual as specified in Part I of Schedule I ;] ^42[***] ^43[(m) "net wealth" means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee ^44[on the valuation date which have been incurred in relation to the said assets;]] (n) prescribed means prescribed by rules made under this Act ; (o) principal officer, used with reference to a company, means the secretary, manager, managing ....
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.... --------------------------------------- Notes:- 1. Omitted vide Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988. Before to its omission, clause (a) read as under: "(a) "Appellate Assistant Commissioner" means a person empowered to exercise the functions of an Appellate Commissioner of Wealth-tax under section 9; 2. Substituted vide for Original clauses (b), (c) and (d) by the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 3. Substituted vide Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Before its substitution, clause (ca) as inserted by the Direct Tax Laws (Amendment) Act, 1987 (as amended) by the Finance Act, 1988), w.e.f. 1-4-1988, read as under: "(ca) "Assessing Officer" means the Assistant Commissioner or the Income-tax Officer who is vested with the relevant jurisdiction by virtue of directions or orders issued under sub-section (1) or sub-section (2) of section 120 or any other provision of the Income-tax Act which apply for the purposes of wealth-tax under section 8 of this Act, and also the Deputy Commissioner who is directed under clause (b) of sub-section (4) of the said section 120 to exercise....
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.... local limits of any municipality (whether known as municipality, municipal corporation or by any other name) or a cantonment board, but does not include- (1) a house meant exclusively for residential purpose and which is allotted by a company to an employee or an officer or director who is in whole-time employment, having a gross annual salary of less than two lakhs rupees; (2) any house for residential or commercial purposes which forms part of stock-in-trade; (3) any house which the assessee may occupy for the purposes of any business or profession carried on by him;" 22. Substituted vide Finance Act, 2012, w.e.f. 01-04-2013, before it was read as:- "five lakh rupees" 23. Inserted vide Finance Act, 1999, w.e.f. 1-4-2000. 24. Inserted vide Finance Act, 1993, w.e.f. 1-4-1993. 25. Substituted vide Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. Before it was read as:- "five" was substituted for "three" by Finance Act, 1994, w.e.f. 1-4-1995. 26. Inserted vide Finance Act, 1999, w.e.f. 1-4-2000. 27. Substituted vide Central Boards of Revenue Act, 1963, w.e.f. 1-1-1964., before it was read as:- "Central Board of Revenue constituted under....
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....e Finance Act, 1988), w.e.f. 1-1988, before it was omission clause (hb), as inserted by the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965 and amended by the Finance Act, 1972, with retrospective effect from 1-4-1965, stood as under: "(hb) "Director of Inspection" includes as Additional Director of Inspection, a Deputy Director of Inspection and an Assistant Director of Inspection ;" 33. Inserted vide the Taxation Laws (Extension to Union Territories) Regulation, 1963, w.e.f.1-4-1963. 34. Substituted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 35. Clause (k) omitted by the Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988, before it was omission, clause (k) stood as under: "(k) "Income-tax officer" means a person appointed to be an Income-tax Officer under the Income-tax Act;" 36. Substituted vide Finance Act, 2007, w.r.e.f. 25-8-1976, before it was substitution, clause (ka), as inserted by the Taxation Laws (Extension to Union Territories) Regulation, 1963, w.e.f. 1-4-1963, read as under: "[(ka) India shall be deemed to include the Union territories of Dadra and Nagar Haveli, Goa, Daman....
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.....f. 1-4-1957, the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965 the Finance Act, 1987, w.e.f. 1-4-1988 and Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989, read as under: "on the valuation date other than- (i) debts which under section 6 are not to be taken into account: (ii) debts which are secured on, or which have been incurred in relation to, any property in respect of which Wealth-tax is not chargeable under this Act; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this Act or any law relating to taxation of income of profits, or the Estate Duty Act, 1953 (34 of 1953), the Expenditure-tax Act, 1987 (29 of 1987), or the Gift-tax Act, 1958 (18 of 1958),- (a) which is outstanding on the valuation date and is claimed by the assessee in appeal, revision or other proceeding as not being payable by him; or (b) which, although not claimed by the assessee as not being payable by him, is nevertheless outstanding for a period of more than twelve months on the valuation date. Explanation 1.-A building or part thereof referred to in clause (iii), clause (iiia) or clause (iiib) of sectio....
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...., w.e.f. 1-4-1965 and the Taxation Laws (Amendment) Act, 1972, w.e.f. 15-11-1972 and later on substituted by the Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988 and again amended by the Finance Act, 1994 w.e.f. 1-6-1994, read as under: '(s) the expressions "Chief Commissioner", "Director-General", "Commissioner", "Commissioner (appeals)", "Director", "Additional Director of Income-tax", "Additional Commissioner of Income-tax (Appeals)", "Deputy Director", "Deputy Commissioner", "Deputy Commissioner (Appeals)", "Assistant Commissioner", "Income-tax Officer", "Inspector of Income-tax" and "Tax Recovery Officer" shall have the meaning respectively assigned to them under section 2 of the Income-tax Act." 57. Substituted vide Finance Act 2013 w.e.f. 1st day of April, 1993, before it was read as: "but does not include land on which construction of a building" 58. Substituted vide Finance Act 2013 w.e.f. 1st day of April, 2014, before it was read as: "(b) urban land means land situate (i) ....