Amendment of Act 27 of 1957

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....April, 1969, namely :- "(xv) fixed deposits under any scheme framed by the Central Government and notified by it in this behalf in the Official Gazette, to the extent to which the amounts of such deposits do not exceed the maximum amount permitted to be deposited therein;"; (2) in clause (xvi), the words "held by the assessee" shall be omitted with effect from the 1st day of Apri....

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....ed twice, the amount representing the value of any assets in respect of which the particulars have been concealed or any assets or debts in respect of which inaccurate particulars have been furnished."; (ii) for the existing Explanation, the following Explanations shall be substituted, namely :- "Explanation 1 : Where, - (i) the value of any asset returned by any person ....

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.... wealth), then, such person shall, unless he proves that the failure to return the correct value of the asset or, as the case may be, the correct value of the debt or the correct net wealth did not arise from any fraud or any gross or wilful neglect on his part, be deemed to have concealed the particulars of assets or furnished inaccurate particulars of assets or debts for the purposes of....

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....graph A of Part I, for clauses (a) and (b), the following clauses shall be substituted, with effect from the 1st day of April, 1969, namely :- RATE OF TAX "(a) In the case of every individual :-   (i) where the net wealth does not exceed Rs. 1,00,000 Nil; (ii) where the net wealth exceeds Rs. 1,00,000 but does not exceed Rs. 5,00,000 0.5 per cent. of the amoun....