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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 ..... ct from the 1st day of April, 1971, namely :- (iv) one house or part of a house belonging to the assessee and exclusively used by him for residential purposes : Provided that, where the value of such house or part exceeds one hundred thousand rupees, the amount that shall not be included in the net wealth of the assessee under this clause shall be one hundred thousand rupees; ; (3) after clause (iva), the following clause shall be inserted with effect from the 1st day of April, 1971, namely :- (ivb) one building or one group of buildings owned by a cultivator of, or receiver of rent or revenue out of, agricultural land : Provided that such building or group of buildings is on or in the immediate vicinity of the land and is required by the cultivator or the receiver of rent or revenue, by reason of his connection with the land, as dwelling house, store-house or outhouse; ; (4) in clause (xv), for the words fixed deposits , the word deposits shall be substituted with effect from the 1st day of April, 1971; (5) after clause (xxi), the following clauses shall be inserted with effect from the 1st day of April, 1971, namely :- (xxii) any security of the Central Government or a State Gove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i), (xxiii), (xxiv), (xxv), (xxvi) and (xxvii) shall be substituted with effect from the 1st day of April, 1971; (c) after section 11A, the following section shall be inserted, namely :- 11AA. Commissioner competent to perform any function or functions. - In respect of any function to be performed by a Commissioner under any provision of this Act in relation to an assessee, the Commissioner referred to therein shall, - (a) in a case where only one Commissioner has jurisdiction over such assessee, be such Commissioner; (b) in a case where two or more Commissioners have concurrent jurisdiction over such assessee, be the Commissioner empowered to perform such function by the Board. ; (d) in section 14, to sub-section (1), the following proviso shall be added, namely :- Provided that in the case of a person whose net wealth or the net wealth of any other person in respect of which he is assessable under this Act includes the value of any assets held in a business or profession and the time (whether fixed originally or on extension) for furnishing the return of his total income or, as the case may be, of the total income of the other person aforesaid for the said assessment year under s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a) where the net wealth does not exceed Rs. 1,00,000 Nil; (b) where the net wealth exceeds Rs. 1,00,000 but does not exceed Rs. 5,00,000 1 per cent. of the amount by which the net wealth exceeds Rs. 1,00,000; (c) where the net wealth exceeds Rs. 5,00,000 but does not Rs. 10,00,000 Rs. 4,000 plus 2 per cent exceed which the net wealth exceeds Rs. 5,00,000; (d) where the net wealth exceeds Rs. 10,00,000 but does not cent. exceed Rs. 15,00,000 Rs. 14,000 plus 3 per of the amount by which the net wealth exceeds Rs. 10,00,000; (e) where the net wealth exceeds Rs. 15,00,000 but does not exceed Rs. 20,00,000 Rs. 29,000 plus 4 per cent. of the amount by which the net wealth exceeds Rs. 15,00,000; (f) where the net wealth exceeds Rs. 20,00,000 Rs. 49,000 plus 5 per cent. of the amount by which the net wealth exceeds Rs. 20,00,000. (2) In the case of every Hindu undivided family :- Rates of Tax (a) where the net wealth does not exceed Rs. 2,00,000 Nil; (b) where the net wealth exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 1 per cent. of the amount by which the net wealth exceeds Rs. 2,00,000; (c) where the net wealth exceeds Rs. 5,00,000 but does not Rs. 10,00,000 Rs. 3,000 plus 2 pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isdiction 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 (b) any area within such distance, not being more than eight kilometers, from the local limits of any municipality or cantonment board referred to in sub-clause (a), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette. Rule 2 - In determining, for the purposes of item (3) of Paragraph A, the value of any urban asset, - (a) any debt (whether secured or not) incurred for the purpose of acquiring, improving, constructing, repairing, renewing or reconstructing such asset shall be deducted from the gross value of such asset; (b) other debts which are deductible in computing the net wealth shall be deducted from the gross value of such asset [as reduced by the debts, if any, under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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