Clarification on Interest under Section 17B of Wealth Tax Act, 1957 for non -furnishing of return

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Full Text of the Document

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....nt of tax payable on the net wealth. Since the provisions of section 17B do not provide for reduction of the amount of self-assessment tax from the amount on which interest under section 17B is chargeable, interest is being charged on the amount of self-assessment tax paid by the assessee even before the due date of filing of return of net wealth. 2. It has been held by the Hon'ble Supreme Co....