Notes on clauses - Wealth-tax

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....r an officer or director who is in the whole time employment having a gross annual salary of less than five lakh rupees, such house shall not be included in the definition of assets on which wealth-tax is charged. It is proposed to amend item (1) of sub-clause (i) of the aforesaid clause so as to raise the aforesaid gross annual salary limit of employee or an officer or director who is in the w....

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.... be included in the assessment. The first proviso to the aforesaid sub-section provide that if an assessment has been made for the relevant assessment year under sub-section (3) of section 16 or this section, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless the wealth has escaped assessment due to the failure on the ....

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....ut not more than sixteen years, have elapsed from the end of the relevant assessment year unless the net wealth in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment for any assessment year. It is also proposed to amend the Explanation to the aforesaid sub-section so as to insert a clause which provides that where ....

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....ents of net wealth by the Assessing Officer. It is proposed to amend the aforesaid section so as to revise the time limits for completion of assessment and reassessment. The revised time limits shall be the time limits specified under the aforesaid section, as respectively increased by three months. These amendments will take effect from 1st July, 2012. Clause 112 of the Bill seeks to ....