Section 89 - Amendment of Section 15B - Taxation Laws (Amendment) Act, 1975

89. Amendment of Section 15B. In section 15B of the Wealth-tax Act, (i) for sub-section (1), the following sub-section shall be substituted, namely: (1) Where any tax is payable on the basis of any return required to be furnished under section 14 or section 15 or section 17, after taking into account the amount of tax, if any, already paid under any provision of this Act, the assessee shall be liable to pay such tax before furnishing the return and the return shall be accompanied by proof of payment of such tax. ; (ii) for sub-section (3), the following sub-section shall be substituted, namely: (3) If any assessee fails to pay the tax or any part the reef in accordance with the provisions of sub-section (1), the Wealth-tax Officer may direct that a sum equal to two per cent, of such tax or part thereof, as the case may be, shall be recovered from him by way of penalty for every month during which the default continues: Provided that before levying any such penalty, the assessee shall be given a reasonable opportunity of being heard. .