Correct rates of tax. - Income Tax - 468/CBDT

INSTRUCTION NO. 468 /CBDT October 24, 1972 Section(s) Referred: 16(3) Statute: Wealth Tax Act, 1957 It has been brought to the notice of the Board by the Revenue Audit that in several wealth-tax cases involving substantial revenue, there was short charge of tax on account of application of wrong rates of tax. In particular, it has been noticed that while completing the wealth-tax assessments for the years 1969-70 and 1970-71, the demand had been raised by applying the rates prescribed for the assessment year 1968-69 i.e. when the rates were lower than those applicable for assessment years 1969-70 and 1970-71. 2. To avoid such mistakes, the Board desire that the Wealth-tax Officers should take particular care to ensure that the correct rates of tax are applied. These instructions may please be brought to the notice of all the W.T. Officers.