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TMI BlogMistakes in Computation of Wealth and in calculating Tax Liability:X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the various rules especially Rules 2 and 3 of Part II of the Schedule to the Wealth-tax Act; c)Omission to levy additional wealth-tax on urban immovable properties; d)Wrong totaling of wealth; and e) allowance of double deductions etc.in the Wealth-tax Assessments. A few cases illustrating the above types of mistakes and included in the C AGs Report for 1971-72 are reproduced below ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s.2 lakhs. 3) The rates of wealth-tax chargeable on the net wealth in excess of Rs.10 lakhs were enhanced from 2% to 2.5% w.e.f. assessment year 1969-70. In seven Commissioner's charges, in the wealth-tax assessments of nine assessees whose net-wealth exceeded Rs.10 lakhs for the assessment year 1969-70, the tax was erroneously levied at the rates in force prior to 1969-70. This resulted in un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssees who were citizens of India, on a total wealth of Rs.20,06,353 representing assets located outside India, the rebate of tax was not given for the assessment years 1967-68 to 1970-71. This resulted in excess levy of tax of Rs.6,558/- ii) In another case, where the assessee was not a citizen of India, the value of assets outside India was wrongly included in the net-wealth for assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roperly written. 3. The Board, therefore, desire that before proceeding to make an assessment the Wealth-tax Officers should invariably check the arithmetical accuracy of the figures and totals furnished in the return. They should also invariably mention in the assessment order location and nature of the assets and also the citizenship and residential status of the assessees. Such a course would ..... X X X X Extracts X X X X X X X X Extracts X X X X
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