Amendment of Act 27 of 1957

Section 50 of the Finance Act, 1964 deals with amendment of Act 27 of 1957. Amendment of Act 27 of 1957 50. In the Wealth-tax Act, 1957,--- (a) in section 5, in sub-section (1), for clause (iv), the following clause" shall be substituted, namely: — "(iv) one house or part of a house belonging to the assessee exclusively used by him for residential purposes: Provided that wh

Amendment of Act 27 of 1957

50. In the Wealth-tax Act, 1957,---

(a) in section 5, in sub-section (1), for clause (iv), the following clause" shall be substituted, namely: —

"(iv) one house or part of a house belonging to the assessee exclusively used by him for residential purposes:

Provided that where the value of such house or part, situate in a place with a population exceeding ten thousand, exceeds one lakh of rupees, the amount that shall not be included in the net wealth of an assessee under this section shall be one lakh of rupees.‘‘;

(b) section 42 shall be omitted;

(c) for sections 42A and 42B, the following sections shall be substituted , namely: —

Publication of information respecting assessees

"42A. (1) If the Central Government is of opinion that it is necessary or expedient in the public interest to publish the names of any assessees and any other particulars relating to any proceedings under this Act in respect of such assessees, it may cause to be published such names and particulars in such manner as it thinks fit.

(2) No publication under this section shall be made in relation to any penalty imposed, or any conviction for any offence connected with any proceedings, under this Act until the time for presenting an appeal to the Appellate Assistant Commissioner or to the first Appellate Court, as the case may he, has expired without an appeal having been presented or the appeal, if presented, has been disposed of.

Disclosure of information respecting assessees

42B. Where a person makes an application to the the Commissioner in the prescribed form for any information relating to any assessee in respect of any assessment made under this Act, the Commissioner may, if he is satisfied that it is in the public interest so to do, furnish or cause to be furnished the information asked for in respect of that assessment only and his decision in this behalf shall be final and shall not be called in question in any court of law.";

(d) in section 43, after the words, "lie against", the words "the Government or" shall be inserted;

(e) in the Schedule, for Part I, the following Part shall be substituted, namely:—

"PART I

(a) . In the case of every individual:—

	Rate of tax
(i) on the first rupees one lakh of net wealth	Nil
(ii) on the next rupees four lakhs of net wealth	0.5%
(iii) on the next rupees five lakhs of net wealth	1.0%
(iv) on the next rupees ten lakhs of net wealth	2.0%
(v) on the balance of net wealth	2.5%

(b) In the case of every Hindu undivided family: —

(i) on the first rupees two lakhs of net wealth	Nil
(ii) on the next rupees three lakhs of net wealth	0.5%
(iii) on the next rupees five lakhs of net wealth	1.0%
(iv) on the next rupees, ten lakhs of net wealth	2.0%
(v) on the balance of net wealth	2.5%".

[Finance Act, 1964]

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Section 50, The Finance Act, 1964 (Act 5 of 1964).