{"act":{"id":"finance-act-2012","short_title":"The Finance Act, 2012","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2012-2013.","act_number":null,"act_year":2012,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":121,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2012/"},"unit":"section","section":{"number":"116","heading":"Amendment of section 17","text":"Amendment of section 17. 116. In section 17 of the Wealth-tax Act, with effect from the 1st day of July, 2012,— (a) in sub-section (1), after the second proviso, the following proviso shall be inserted and shall be deemed to have been inserted, namely:— \"Provided also that nothing contained in the first proviso shall apply in a case where any net wealth in relation to any asset (including financial interest in any entity) located outside India chargeable to tax, has escaped assessment for any assessment year:\"; (b) in sub-section (1A),— (i) in clause (a), after the word, brackets and letter \"clause (b)\", the words, brackets and letter \"or clause (c)\" shall be inserted; (ii) after clause (b), the following clause shall be inserted, namely:— \"(c) if four years, but not more than sixteen years, have elapsed from the end of the relevant assessment year unless the net wealth in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment for any assessment year.\"; (iii) in the Explanation, after clause (b), the following clause shall be inserted, namely:— \"(c) where a person is found to have any asset (including financial interest in any entity) located outside India.\"; (iv) the Explanation shall be numbered as Explanation 1 thereof, and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely:— \"Explanation 2.—For the removal of doubts, it is hereby clarified that the provisions of this section, as amended by the Finance Act, 2012, shall also be applicable for any assessment year beginning on or before the 1st day of April, 2012.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 17.</b></p><p><b>116.</b> In section 17 of the Wealth-tax Act, with effect from the 1st day of July, 2012,—</p><p>(<i>a</i>) in sub-section (1)<i>, </i>after the second proviso, the following proviso shall be inserted and shall be deemed to have been inserted, namely:—</p><p>\"<b>Provided also</b> that nothing contained in the first proviso shall apply in a case where any net wealth in relation to any asset (including financial interest in any entity) located outside India chargeable to tax, has escaped assessment for any assessment year:\";</p><p>(<i>b</i>) in sub-section (1A)<i>,</i>—</p><p>(<i>i</i>) in clause (<i>a</i>), after the word, brackets and letter \"clause (<i>b</i>)\", the words, brackets and letter \"or clause (<i>c</i>)\" shall be inserted;</p><p>(<i>ii</i>) after clause (<i>b</i>)<i>, </i>the following clause shall be inserted, namely:—</p><p>\"(<i>c</i>) if four years, but not more than sixteen years, have elapsed from the end of the relevant assessment year unless the net wealth in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment for any assessment year.\";</p><p>(<i>iii</i>) in the <i>Explanation, </i>after clause (<i>b</i>)<i>, </i>the following clause shall be inserted, namely:—</p><p>\"(<i>c</i>) where a person is found to have any asset (including financial interest in any entity) located outside India.\";</p><p>(<i>iv</i>) the <i>Explanation </i>shall be numbered as <i>Explanation 1</i> thereof, and after <i>Explanation 1 </i>as so numbered, the following <i>Explanation </i>shall be inserted, namely:—</p><p><i>\"Explanation 2.</i>—For the removal of doubts, it is hereby clarified that the provisions of this section, as amended by the Finance Act, 2012, shall also be applicable for any assessment year beginning on or before the 1st day of April, 2012.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":276,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2012/section/116/","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."}