Rate Schedule of ordinary wealth-tax in case of HUFs. - Income Tax - 1193/CBDT

INSTRUCTION NO. 1193/CBDT Dated : July 5, 1978 Attention is invited to para 49 50 of the Board's Circular No.126 dated the 28th November 1973 (F.No.131/21/73-TOL) wherein it has been clarified that under the Finance Act, 1973 a new Rate Schedule of ordinary wealth-tax has been prescribed in the case of HUFs having one or more members with independent net wealth exceeding Rs.1 lakh and that these rates would take effect from 1st April, 1974 so as to apply in relation to assessment year 1974-75 and onwards. The Revenue Audit have brought to the notice of the Board many cases where the prescribed higher rates have not been applied correctly. 2. The Board desire that necessary instructions in this regard should be reiterated amongst all the assessing officers in your charge to ensure the application of correct rates. Remedial measures for rectification etc., may also be taken wherever necessary.