Tax calculations of wealth tax exemption - Income Tax - 614/CBDT

INSTRUCTION NO. 614/CBDT Dated : September 11, 1973 In partial modification of Board's Instruction No.465 dated the 11th October,1972(Issued from F.NO.328/105/72-W.T) on the above subject, he Board have further decided that the Wealth-tax Officers should personally re-check the tax calculations in all cases where the net wealth exceeds Rs.10 lakhs. The position thus would be as under:- i) The Wealth-tax Officers should personally recheck the tax calculations in all the cases where the net wealth exceeds Rs.10 lakhs. ii) As already directed in Board's instruction No.465 referred to above, the Assistant Controllers of Estate Duty/Gift-tax Officers/Wealth-tax Officer should invariably recheck the tax calculations personally in cases where the demands raised exceed a sum of Rs.25,000. iii) In respect of cases where the tax calculations result in refunds the Assistant Controller of Estate Duty/Wealth tax Officer/Gift Tax Officer should personally recheck the calculations where the refunds due exceed a sum of Rs.10,000. 2. The above instructions may kindly be brought to the notice of all officers working in your charge. Strict compliance should be ensured and any lapse on the part of an officer should be seriously viewed.