The Finance (No. 2) Act, 1980--Raising of maximum limit of value of net wealth not liable to tax--Refund of tax if paid in excess under section 15B of the W.T. Act, 1957--Assessment year 1980-81 - Income Tax - 290/1981

The Finance (No. 2) Act, 1980--Raising of maximum limit of value of net wealth not liable to tax--Refund of tax if paid in excess under section 15B of the W.T. Act, 1957--Assessment year 1980-81 Circular No. 290 Dated 31/1/1981 The Finance (No.2) Act, 1980, has amended the First Schedule to the Wealth-tax Act, 1957, raising the limit of maximum amount not liable to wealth-tax from Rs.1,00,000 to Rs.1,50,000. The new provision has come into force from 1st April, 1980, in terms of section 1(2) of the Finance (No.2) Act, 1980. Accordingly, the benefit of higher wealth-tax exemption limit is available to taxpayers from the current assessment year, viz., 1980-81. 2. It has been brought to the notice of the Board that a sizable number of taxpayers have paid wealth-tax on self-assessment while filing returns of net wealth, ranging between Rs.1,00,000 to Rs.1,50,000 prior to the enactment of Finance (No.2) Bill, 1980. Such assessees may become entitled to refund of tax paid in view of the fact that the exemption limit has been raised from Rs.1,00,000 to Rs.1,50,000. 3. The Board desire that as soon as a request is made in the type of cases mentioned in para 2, the assessments should be taken up forthwith and refund, if due, issued without any delay. 4. The above should be brought to the notice of all the officers in your charge. Yours faithfully, (Sd.) R.N. Dave, Officer on Special Duty, Central Board of Direct Taxes. [F.No.328/66/80-WT]