9911796707
TMI BlogAmendment of section 17.X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the first proviso shall apply in a case where any net wealth in relation to any asset (including financial interest in any entity) located outside India chargeable to tax, has escaped assessment for any assessment year:"; (b) in sub-section (1A),-- (i) in clause (a), after the word, brackets and letter "clause (b)", the words, brackets and letter "or clause (c)" shall be inserted; (ii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by clarified that the provisions of this section, as amended by the Finance Act, 2012, shall also be applicable for any assessment year beginning on or before the 1st day of April, 2012.". - Clause 110 of the Bill seeks to amend section 17 of the Wealth-tax Act relating to wealth escaping assessment. The existing provisions of sub-section (1) of the aforesaid section 17 enable the Assessing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der section 14 or section 15 or in response to a notice issued under sub-section (4) of section 16 or this section or to disclose fully and truly all material facts necessary for his assessment. It is proposed to insert a proviso to the aforesaid sub-section so as to provide that nothing contained in the first proviso shall apply in a case where any net wealth in relation to any asset (including ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inancial interest in any entity) located outside India, it shall also be deemed to be a case where net wealth chargeable to tax has escaped assessment. It is also proposed to insert a new Explanation 2 so as to provide that the provisions of the aforesaid section (as amended by the Finance Act, 2012) shall also be applicable for the assessment years beginning on or before the 1st day of April, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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