m



Ê
 m


Ê 
 

 
Assets [u/s. 2 (ea)] -
+ Deemed assets (u/s-
(u/s-4) -
Total
(-) Exempted assets (u/s-
(u/s-5) -
Assets chargeable to wealth tax Balance
(-) Debt owed [u/s-
[u/s-2 (m)] -
Net Wealth Balance
Ê  
   



 
    
Ê  


 !" #  

   
$$
Ê !%&
!%&''()   


      ''''''
Ê Any co.
co. registered u/s
u/s--25 of the companies act
1956
Ê Any co-
co-operative society
Ê Any social club
Ê Any political party
Ê A mutual fund specified u/s
u/s--10(
10(23D)
23D) of the
Income tax act
Ê  
   * $
* $+) 
'
'
    , +-$
Ê .
 
 % '
% '/)  

 +0)1  2  m
 
.

Ê These are companies which are formed for the object of
promoting
Ê Commerce, art, science, religion, charity or
Ê Any useful object, which apply such profits for promoting
their objects & prohibit the payment of dividend to their
members

Ê
  
  2    
$$


 3/456
Ê 7    

   

 

 % / 45 4
5

Ê Any building or land whether used for

commercial or residential purposes or for the
purpose of guest house
Ê A farm house situated within 25 k.m. from the
local limits of any municipality or a
cantonment board
 

Ê 8
 

  


Ê
 
   9
 :;
9
 :;

Ê It is meant exclusively for residential purposes

Ê It is allotted by a company to an employee or an
officer or a director who is in full time employment
Ê A house held as stock in trade
Ê A house used for own business or profession
 Ú.''3% /45

6
Ú.
Ê " 
  9 :  
 
    
 $

 $


Ê Úotor car used by the assessee in the business of
running them on hire
Ê Úotor cars treated as stock in trade
Ê 8    
   
  
Where an assessee had admittedly pur
pur5
5chased a car,
merely because in view of some dispute with seller it
has not been registered in the assessee·s name, the
assessee can·t plea that car is not includible in its
taxable wealth
 [
 


 
 


Ê
   
    

 
 
   

 

Ê
  

     

 
are treated as
´assetsµ
 ! "

1. Stock in trade not an asset

2. Gold deposit bonds are not asset

 #
$%#!# 

&


Boats & Aircrafts are treated as Assets

Other than those used by the assessee for

commercial purpose
 # # 
&

Ê

 




$

Ê 8 



 <

1. Land situated within municipality area

2. Land situated outside municipality area
(Not more than 8 k.m.)
 ! "

Ê  
  
  


 


Ê  
  

 
   


Ê
          
 

    
  2 years    

=


$$
=



Ê
         2
   

  10 years    
 =


$
=


$
  ' #




(

+$
       

 3% '
3% '(4+5'454
56
/$
   
 

>$
        
 

    $
  $
($
    
 
)$
    ? 

 !)$$%*
1$
  
 ? 


@$ 8 [u/s
8  [u/s--4 (1) (b)]
X$ .
 



 
=
 
A

0$ 7
  2

+B$ C  



 #


 '" '#
+

Ê C  
Ê 8 
 !"
 

Ê *




Ê "? A
Ê
 
8


ëepatriate (send back to domestic country)
  

,

Ê  
  

  


   
   
$$

1. Only debt owed by the assessee on the

valuation date is deductible
deductible..
2. Debts should have been incurred in relation
to these assets which are included in net
wealth of the assessee
 ##  #


-


./%$0"1
./%$0"1)23%/
)23%/ "1+(4.

5.6 "
7 


$$
5 8 

Ê


 
Or
Ê
     


Whichever is higher
 5 8 

Ê
   

Or
Ê 48  



A



 5

  

 
 $

56 "



Ê 8
 


5.
 5.
5    

 
 
And
5
 =+)- 




576!#"#8#
Ê .

D
 




 
  <

Ê 8  

 
+/$)
Ê 8  
 
)B  
 +B
Ê 8  

 )B  
X

5(6 #" ''
Ê 
 

 >

Ê 8 
       

  

  


 
 "



  

. #001016 8 

4
%
5

 $9/ 16
16 8     
  
  

  
 

52%16
Ê m 

Ú
E2 F
.

60% of the aggregate area

Ê m 

 
 

 

    .
 
  8 G G  E 
2 
 Ú
 C C 
& & & 



 
H
65%
H
 65% of the aggregate

Ê " †0%

"  †0% if the aggregate area
 !//)$)2"1,,
:)2$9/1)&152%1 "1,,

Not more than 5% of aggregate area Nil

5% to 10% of aggregate area 20%

10% to 15% of aggregate area 30%

15% to 20% of aggregate area 40%

Úore than 20% of aggregate area ëules of part-

part-B
Schedule III
Not applicable

5+6 F F!.!
* F8.* Ú 
Ê 8
     

  
Ê 8 

     # 
  
 
 

      

   
     
      

     
   

$$


 /)$)2/2)5%
51)51; 
51)51; -
Ê 8


 
 

 


$$



5         
 

 

 

5 8
       
  



    +/ 

If these conditions are satisfied, the assessee can adopt

anyone of the following
 Option 1
Ê   2        

     888   

        $
$
Option 2
Ê

  2      

      888  

  
   
   
   
   
    +0@+'
+0@+'+0@/$
+0@/$

which ever is later

 >$H

 

3CF 8886
 /)2%/)%$/$
3

5.6 $%)2)//)<$0

Assets Value
Depreciable assets W.D.V.
Non depreciable assets Book value
(other than stock in trade)
Closing stock Value
adopted for the
purpose of
income tax
 &/
Ê
 /B/B-
-   

  

5 7
"
    


    
 

   888

5 (
5 8     > I  /  
   > 
  2  
5       + 
  2
2$$
5 H  
 

&

Ê        
 
 
    2   
 

  
 


   888  
 
  $
 $
 ($H
!
8"8 * &8
"8*Ú*
&&.8
8"C *&
Ê "
    
      
$

$
4
  
'

')5
Ê 

     ''  
 
 

   
 

  
 

$


$
Ê   
   

      
 



   
 

   

 


$$
 )$H
! "8" 8 * &
4C"  8885

5 .6
"
  9  
: 
    
   

 

 >  
   

$$


5 6

 
 )-  
  $
 $

5 76
  
   

 



$$
1/(p+d)--1
1/(p+d)
m 
 J
 
    

  


   
   
    
 
 $$
 
 J 4
%
4
%+
+K
5 

  
  

1$)-
  

    
  

         
 

 $

 $
 


$$
[1/(p+d)--1],
[1/(p+d)
 
    2   
 
 
C
Ê Ú$
 (B  $
Ú$  $ 
    

   

  

  
$
Ê 
       /BB)' /BB)'
B1  /BBX'
/BBX'B0  XBBBB 0(BBB 0BBBB 
01BBB  

Ê   
    * $ * $ (BBB
1BBB @)BB  +XBBB  
 $
 
 $
Ê .    

  

 
     
  Ú
/BB0    
       
  888
45 /) 2 45 X 2
Ê  

     (B
+B$
+B$B0>
 &

Ê 


/BB1''B@/BBX'
/BB1 B@/BBX'B0
rears 2006-0† 200†-
2006- 200†-08 2008-
2008-09
Income 94000 90000 96000
(-) Exp (5%) 4†00 4500 4800
Net Income 89300 85500 91200
Average annual income is
89300+85500+91200 = 266000
266000/3=88666.6†
Thus the value of life interest
88666.6† X 10.093 = 894912.†0
  !

Ê C 45
Ê The value of life interest of A in house will be
taken as
ës.. 894912
ës 894912..†0 (as it is less than 16 lakh)
Ê C 45
Ê The value of life interest is ës
ës.. 894912
894912..†0
†0..
Ê However the value of the house in respect of
which A has interest is ës 8 lakh.
lakh.
Ê Therefore value of life interest shall be taken
as equal to ësës.. 8 lakh (it cannot be more
than value of the house)
 1$H
!
8"G m  *L
Ê    A    
  
 
 

  
 
 
 2   
  $$ 

 
   2
 
 
$$
a) If value of jewellery less than ës
ës.. 5 lakh
Ê

 " $ $ 'X

=
 

b) If value of jewellery more than ës
ës.. 5 lakh
Ê
   
 
 " $ $
'X

=
  
  $
$
@$H
!
8" *
&& &
Ê 
  
 

 
assessing officer himself
or
by the valuation officer
8          
 
    
 

 

 sold in open market  

 
$$
 8 
 

2
Ê     


 
 

  




     
  

   
 
*  
Ê   
=




$

Ê

"

If his net wealth or net wealth of any other

person in respect of which he is assessable
under act on the valuation date is of such
amount as to render him liable to wealth tax
tax..
 *
  

% ''+@
%
Ê 8   
  

   


       

       
   
  
 =



  
     

 
  

 >B   
  
   
$

$
 * 



% ''+(4/5


%
ÊA return other than the return furnished in
response to a notice u/s
u/s--1†.
1†.

Ê Which shows the net wealth below the taxable

limit, therefore not chargeable to tax

Ê It will be deemed never to have been furnished

 *
% ''+)
%
Ê 8      
   



   
 +( 4+5  +1 4(5 4
5
*
Ê 
 
   
 


    
$$
Ê   
    
  
    '
 '$
$
Ê    
    



          
   
     
 


$

$
 #

' 
Ê m  
    

    


$$

Ê    
=
    
 

   $
$

Ê
  
  
 
     $
 $
  # #

' 

Ê TheDirect Tax Laws (amendment) Act, 198†

has amended the provisions regarding
procedure for assessment
assessment.. The new provisions
have been brought on the lines of the income
tax act
act..
  ! !#
Ê 8     
 
  
2

 
  2
    
 

2    

  

 <<

Ê Amendment of any orderorder..
Ê Any order to refund
refund..
Ê The valuation officer may amend its orders
orders..
Ê The joint Director, Commissioner, Commissioner
(appeals), or Director may amend any of its order
order..
Ê The appellate tribunal may amend any of its order
order..
 #"" #
= 


Ê   

       


  

    


   

$

$
 //$0 )2 55/ ) ),,)$1  7
7#
#
.  
Within 30 days from date of receipt of notice of
demand or extended date.
date.
9 >1$0 = %)$ )2 3 55/ 9;
),,)$1 55/  77## ?#
Within a period of 1 year from the end of the financial
year in which such appeal is filed, where it is possible
possible..
 //$0)255/)19$/ (.
//$0)255/)19$/

Within 60 days from date of communication of
order of deputy commissioner (appeals)/
commissioner (appeals) or within extended time.
time.
% //$0 )2 1) )9@)$ <3 19$/
 ( #

Within 30 days from date of receipt of notice or
within extended time.
time.
 >1$0 = %)$ )2 3 55/ 9;
19$/ 
 ( +#
Within a period of 4 years from the end of the
financial year in which such appeal is filed, where
it is possible
2 //$0 55/)$ ) ),,)$1 2)1
1&)$ 
 + . 
Within 1 year from date of order sought to be
revised..
revised
0 &)$ )2 )1%1 9; ),,)$1  
+ . %
Within 1 year from date of order sought to be
revised..
revised
3 &)$ 9; ),,)$1 2 )$%1%
51@%/ ) 1&$  +   7
51
Within 2 years from the end of financial year in
which order sought to be revised is passed
passed..
 "$0 )1%1 9; ),,)$1 )$
55/)$ ,% 9;  2)1
1&)$
1&)$ + 7#
Within 1 year from the end of the financial year
in which application is made
made..

@ #55/)$ ) 19$/ 21), )1%1 )2

$3$,$ 9; 32 ),,)$1 )1
%1)1 0$1/  A B .
Within 60 days from date of communication of
order of Chief Commissioner or Director General
General..
Ñ //$0 55/)$ ) 19$/ 2)1
121$ ) >03 )1 
 - .  
Within 60 days from date of service of
Tribunal·s order or within such further time
no exceeding 30 days as allowed by
Tribunal on sufficient cause
/ //$0 55/ ) >03 )1 9; 3
 )1 !32 ),,)$1 )1
),,)$1 
 - #
Within 120 days of the day upon which he
is served with notice of an order u/s
u/s--24 or
25 or 35 (1) (e)
, //$055/)
51,!)14
//$055/)
51,!)1
If the assessee is not satisfied with the
orders passed by High Court, they may file
an appeal against the order of High court to
the Supreme court, but with the consent of
High Court
Court..
  (
 
!'"