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TMI BlogAmendment of Act 27 of 1957X X X X Extracts X X X X X X X X Extracts X X X X ..... s under any scheme framed by the Central Government and notified by it in this behalf in the Official Gazette, to the extent to which the amounts of such deposits do not exceed the maximum amount permitted to be deposited therein; ; (2) in clause (xvi), the words held by the assessee shall be omitted with effect from the 1st day of April, 1969; (3) after clause (xvii), the following clause shall b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assets or debts in respect of which inaccurate particulars have been furnished. ; (ii) for the existing Explanation, the following Explanations shall be substituted, namely :- Explanation 1 : Where, - (i) the value of any asset returned by any person is less than seventy five per cent. of the value of such asset as determined in an assessment under section 16 or section 17 (the value so assessed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the correct net wealth did not arise from any fraud or any gross or wilful neglect on his part, be deemed to have concealed the particulars of assets or furnished inaccurate particulars of assets or debts for the purposes of clause (c) of this sub-section. Explanation 2 : For the purposes of clause (iii), - (a) the amount representing the value of any assets in respect of which the particulars hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wealth does not exceed Rs. 1,00,000 Nil; (ii) where the net wealth exceeds Rs. 1,00,000 but does not exceed Rs. 5,00,000 0.5 per cent. of the amount by which the net wealth exceeds Rs. 1,00,000; (iii) where the net wealth exceeds Rs. 5,00,000 but does not Rs. 10,00,000 Rs. 2,000 plus 1 per cent. of the amount by which the exceed net wealth exceeds Rs. 5,00,000; (iv) where the net wealth exceeds Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er cent. of the amount by exceed which the net wealth exceeds Rs. 10,00,000; (v) where the net wealth exceeds Rs. 20,00,000 Rs. 31,500 plus 3 per cent. of the amount by which the net wealth exceeds Rs. 20,00,000. . - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X
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