{"act":{"id":"finance-act-1999","short_title":"The Finance Act, 1999","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1999-2000.","act_number":null,"act_year":1999,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":102,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1999/"},"unit":"section","section":{"number":"92","heading":"Amendment of section 16","text":"Amendment of section 16. 92. In section 16 of the Wealth-tax Act, with effect from the 1st day of June, 1999,— (a ) for sub-section (1), the following sub-section shall be substituted, namely :— \"(1) Where a return has been made under section 14 or section 15 or in response to a notice under clause (i) of sub-section (4),— (i) if any tax or interest is found due on the basis of such return, after adjustment of any amount paid by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 30 and all the provisions of this Act shall apply accordingly; and (ii) if any refund is due on the basis of such return, it shall be granted to the assessee and an intimation to this effect shall be sent to the assessee : Provided that except as otherwise provided in this sub-section, the acknowledgement of the return shall be deemed to be intima­tion under this sub-section where either no sum is payable by the assessee or no refund is due to him : Provided further that no intimation under this sub-section shall be sent after the expiry of two years from the end of the assess­ment year in which the net wealth was first assessable.\"; (b ) sub-section (1A) shall be omitted; (c ) sub-section (1B) shall be omitted; (d ) sub-section (7) shall be omitted; (e ) the Explanation occurring at the end shall be omitted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 16.</b></p><p><b>92.</b> In section 16 of the Wealth-tax Act, with effect from the 1st day of June, 1999,—</p><p>(<i>a</i> ) for sub-section (1), the following sub-section shall be substituted, namely :—</p><p>\"(1) Where a return has been made under section 14 or section 15 or in response to a notice under clause (<i>i</i>) of sub-section (4),—</p><p>(<i>i</i>) if any tax or interest is found due on the basis of such return, after adjustment of any amount paid by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 30 and all the provisions of this Act shall apply accordingly; and</p><p>(<i>ii</i>) if any refund is due on the basis of such return, it shall be granted to the assessee and an intimation to this effect shall be sent to the assessee :</p><p><b> Provided</b> that except as otherwise provided in this sub-section, the acknowledgement of the return shall be deemed to be intima­tion under this sub-section where either no sum is payable by the assessee or no refund is due to him :</p><p><b> Provided further</b> that no intimation under this sub-section shall be sent after the expiry of two years from the end of the assess­ment year in which the net wealth was first assessable.\";</p><p>(<i>b</i> ) sub-section (1A) shall be omitted;</p><p>(<i>c</i> ) sub-section (1B) shall be omitted;</p><p>(<i>d</i> ) sub-section (7) shall be omitted;</p><p>(<i>e</i> ) the <i>Explanation</i> occurring at the end shall be omitted.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":277,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1999/section/92/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}