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TMI BlogDefinitionsX X X X Extracts X X X X X X X X Extracts X X X X ..... and also the 4 [Additional Commissioner or] 5 [Additional Director or] Joint Commissioner who is directed under clause (b) of sub-section (4) of the said section 120 to exercise or perform all or any of the powers and functions conferred on or assigned to the Assessing Officer under that Act;] 6 [(cb)] assessment includes reassessment ; (d) assessment year means a period of twelve months commencing on the 1st day of April, every year ; ]] 7 [ 8 (e) 9 assets includes property of every description, movable or immovable, but does not include, (1) in relation to the assessment year commencing on the 1st day of April, 1969, or any earlier assessment year (i) agricultural land and growing crops, grass or standing trees on such land ; (ii) any building owned or occupied by a cultivator of, or receiver of rent or revenue out of, agricultural land : Provided that the building is on or in the immediate vicinity of the land and is a building which the cultivator or the receiver of rent or revenue by reason of his connection with the land requires as a dwelling house or a store-house or ..... 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(i)(a) agricultural land and growing crops (including fruits on trees), grass or standing trees on such land ; (b) one building or one group of buildings owned or occupied by a cultivator of, or receiver of rent or revenue out of, agricultural land : Provided that such buildings or group of buildings is on or in the immediate vicinity of the land and is a building which the cultivator or the receiver of rent or revenue by reason of his connection with the land requires as store-house or for keeping livestock; (c) animals;: ] 15 [ 16 [ 17 [Provided also ] that] in relation to the State of Jammu and Kashmir, this sub-clause shall have effect subject to the modification that for the assets specified in 18 [item (i)] of this sub-clause, the assets specified in 19 [items (i) to (iii)] of sub-clause (1) shall be substituted and the other provisions of this Act shall be construed accordingly;] 20 [(ea) assets , in relation to the assessment year commencing on the 1st day of April, 1993, or any subsequent assessment year, means 21 [(i) any building or l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... el ; (ii) precious or semi-precious stones, whether or not set in any furniture, utensils or other article or worked or sewn into any wearing apparel ; 58 [(b) urban land means land situate- (i) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand; or (ii) in any area within the distance, measured aerially,- (I) not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than ten thousand but not exceeding one lakh; or (II) not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than one lakh but not exceeding ten lakh; or (III) not being more than eight kilometres, ..... 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Waters, Continental Shelf, Exclusive Economic Zone and Other Maritime Zones Act, 1976, and the air space above its territory and territorial waters;] (l) 37 [***] (la) 38 [***] 39 [(lb) legal representative 40 has the meaning assigned to it in clause (11) of section 2 of the Code of Civil Procedure, 1908 (5 of 1908);] 41 [(lc) maximum marginal rate means the rate of wealth-tax applicable in relation to the highest slab of wealth in the case of an individual as specified in Part I of Schedule I ;] 42 [***] 43 [(m) net wealth means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee 44 [on the valuation date which have been incurred in relation to the said assets; ]] (n) prescribed means prescribed by rules made under this Act ; (o) principal officer , used with reference to a company, means the secretary, manager, managing agent or managing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Assistant Commissioner means a person empowered to exercise the functions of an Appellate Commissioner of Wealth-tax under section 9; 2. Substituted vide for Original clauses (b), (c) and (d) by the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 3. Substituted vide Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Before its substitution, clause (ca) as inserted by the Direct Tax Laws (Amendment) Act, 1987 (as amended) by the Finance Act, 1988), w.e.f. 1-4-1988, read as under: (ca) Assessing Officer means the Assistant Commissioner or the Income-tax Officer who is vested with the relevant jurisdiction by virtue of directions or orders issued under sub-section (1) or sub-section (2) of section 120 or any other provision of the Income-tax Act which apply for the purposes of wealth-tax under section 8 of this Act, and also the Deputy Commissioner who is directed under clause (b) of sub-section (4) of the said section 120 to exercise or perform all or any of the powers and function conferred on or assigned to the Assessing Officer under that powers function conferred on or assigned to the Assessing Officer under that Act; 4 . Inserted vide Finance Act, 2007, w. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rpose and which is allotted by a company to an employee or an officer or director who is in whole-time employment, having a gross annual salary of less than two lakhs rupees; (2) any house for residential or commercial purposes which forms part of stock-in-trade; (3) any house which the assessee may occupy for the purposes of any business or profession carried on by him; 22. Substituted vide Finance Act, 2012, w.e.f. 01-04-2013, before it was read as:- five lakh rupees 23. Inserted vide Finance Act, 1999, w.e.f. 1-4-2000. 24. Inserted vide Finance Act, 1993, w.e.f. 1-4-1993. 25. Substituted vide Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. Before it was read as:- five was substituted for three by Finance Act, 1994, w.e.f. 1-4-1995. 26. Inserted vide Finance Act, 1999, w.e.f. 1-4-2000. 27. Substituted vide Central Boards of Revenue Act, 1963, w.e.f. 1-1-1964., before it was read as:- Central Board of Revenue constituted under the Central Board of Revenue Act, 1924 (4 of 1924) 28. Clause (g) omitted by the Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988 before it was omission, clause (g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Inspection includes as Additional Director of Inspection, a Deputy Director of Inspection and an Assistant Director of Inspection ; 33. Inserted vide the Taxation Laws (Extension to Union Territories) Regulation, 1963, w.e.f.1-4-1963. 34. Substituted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 35. Clause (k) omitted by the Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988, before it was omission, clause (k) stood as under: (k) Income-tax officer means a person appointed to be an Income-tax Officer under the Income-tax Act; 36. Substituted vide Finance Act, 2007, w.r.e.f. 25-8-1976, before it was substitution, clause (ka), as inserted by the Taxation Laws (Extension to Union Territories) Regulation, 1963, w.e.f. 1-4-1963, read as under: [(ka) India shall be deemed to include the Union territories of Dadra and Nagar Haveli, Goa, Daman and Diu, and Pondicherry- (i) as respects any period, for the purposes of section 6 ; and (ii) as respects any period included in the year ending with the valuation date, for the purpose of making any assessment for the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property in respect of which Wealth-tax is not chargeable under this Act; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this Act or any law relating to taxation of income of profits, or the Estate Duty Act, 1953 (34 of 1953), the Expenditure-tax Act, 1987 (29 of 1987), or the Gift-tax Act, 1958 (18 of 1958),- (a) which is outstanding on the valuation date and is claimed by the assessee in appeal, revision or other proceeding as not being payable by him; or (b) which, although not claimed by the assessee as not being payable by him, is nevertheless outstanding for a period of more than twelve months on the valuation date. Explanation 1.- A building or part thereof referred to in clause (iii), clause (iiia) or clause (iiib) of section 27 of the Income-tax Act shall be includable in the net wealth of the person who is deemed under the said clause to be the owner of that building or part thereof. Explanation 2.- Where a debt falling under sub-clause (ii) is secured on, or has been incurred in relation to any asset which is not to be included wholly or partly in the net wealth by virtue of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l , Commissioner , Commissioner (appeals) , Director , Additional Director of Income-tax , Additional Commissioner of Income-tax (Appeals) , Deputy Director , Deputy Commissioner , Deputy Commissioner (Appeals) , Assistant Commissioner , Income-tax Officer , Inspector of Income-tax and Tax Recovery Officer shall have the meaning respectively assigned to them under section 2 of the Income-tax Act. 57. Substituted vide Finance Act 2013 w.e.f. 1st day of April, 1993, before it was read as: but does not include land on which construction of a building 58. Substituted vide Finance Act 2013 w.e.f. 1st day of April, 2014 , before it was read as: (b) urban land means land situate (i) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the valuation date; or (ii) in any area within ..... X X X X Extracts X X X X X X X X Extracts X X X X
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