{"act":{"id":"finance-act-2001","short_title":"The Finance Act, 2001","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2001-2002.","act_number":null,"act_year":2001,"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-2001/"},"unit":"section","section":{"number":"96","heading":"Amendment of section 17","text":"Wealth-tax Amendment of section 17. 96. In section 17 of the Wealth-tax Act, 1957 (27 of 1957), (hereinafter re­ferred to as the Wealth-tax Act), in sub-section (1A), for clauses (a) and (b), the following clauses shall be substituted with effect from the 1st day of June, 2001, namely:— \"(a ) if four years have elapsed from the end of the relevant assessment year, unless the case falls under clause (b); (b ) if four years, but not more than six years, have elapsed from the end of the relevant assessment year unless the net wealth chargeable to tax which has escaped assessment amounts to or is likely to amount to rupees ten lakh or more for that year.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><i>Wealth-tax</i></p><p><b>Amendment of section 17.</b></p><p><b>96.</b> In section 17 of the Wealth-tax Act, 1957 (27 of 1957), (hereinafter re­ferred to as the Wealth-tax Act), in sub-section (1A), for clauses (<i>a</i>) and (<i>b</i>), the following clauses shall be substituted with effect from the 1st day of June, 2001, namely:—</p><p>\"(<i>a</i> ) if four years have elapsed from the end of the relevant assessment year, unless the case falls under clause (<i>b</i>);</p><p>(<i>b</i> ) if four years, but not more than six years, have elapsed from the end of the relevant assessment year unless the net wealth chargeable to tax which has escaped assessment amounts to or is likely to amount to rupees ten lakh or more for that year.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":124,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2001/section/96/","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."}