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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.... charged at the specified rate on the amount 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....