Section 4
Assessment And Recovery Of Wealth Tax
4. Assessment and recovery of wealth tax :
(1) If any Act provides for levying wealth tax for years or for any one year, such wealth tax shall be assessed and
converted pursuant to this Act and the Rules framed under this Act.
(2) If any person has wealth in various places, the statement of the whole of such wealth shall be obtained and evaluated separately and the wealth tax shall be assessed by allocating the whole of such wealth as one unit for the purpose of this Act.
(3) Tax shall be assessed having assumed/considered any wealth belonging to that person in whose ownership the wealth remains on the first day of Shravan (about mid July) of each year for that fiscal year; and if any wealth is owned jointly by more than one person, tax shall be assessed on pro-rata basis, considering the wealth to belong to such joint owners.
(1) If any Act provides for levying wealth tax for years or for any one year, such wealth tax shall be assessed and
converted pursuant to this Act and the Rules framed under this Act.
(2) If any person has wealth in various places, the statement of the whole of such wealth shall be obtained and evaluated separately and the wealth tax shall be assessed by allocating the whole of such wealth as one unit for the purpose of this Act.
(3) Tax shall be assessed having assumed/considered any wealth belonging to that person in whose ownership the wealth remains on the first day of Shravan (about mid July) of each year for that fiscal year; and if any wealth is owned jointly by more than one person, tax shall be assessed on pro-rata basis, considering the wealth to belong to such joint owners.