Amendment of Act 27 of 1957
Section 32 of the Finance Act, 1968 deals with amendment of Act 27 of 1957. CHAPTER IV OTHER DIRECT TAXES Amendment of Act 27 of 1957 32. The Act was enacted on 11 May 1968.
CHAPTER IV
OTHER DIRECT TAXES
Amendment of Act 27 of 1957
32. In the Wealth-tax Act, 1957,—
(a) in section 5,—
(i) in sub-section (1),—
(1) after clause (xiv), the following clause shall be inserted with effect from the 1st day of April, 1969,namely:—
"(xv) fixed deposits under any scheme framed by the Central Government and notified by it in this behalf in the Official Gazette, to the extent to which the amounts of such deposits do not exceed the maximum amount permitted to be deposited therein;";
(2) in clause (xvi), the words "held by the assessee" shall be omitted with effect from the 1st day of April, 1969;
(3) after clause (xvii), the following clause shall be inserted with effect from the 1st day of April, 1969,namely:—
"(xviia) the amount standing to the credit of an individual in any provident fund set up by the Central Government and notified by it in this behalf in the Official Gazette;";
(ii) in sub-section (2), after the words "not specified in", the words, brackets and figures "clause (xv) or" shall be inserted with effect from the 1st day of April, 1969:
(b) in section 18, in sub-section (1),—
(i) for clause (iii), the following clause shall be substituted, namely:—
"(iii) in the cases referred to in clause (c), in addition to any wealth-tax payable by him, a sum which shall not be less than, but which shall not exceed twice, the amount representing the value of any assets in respect of which the particulars have been concealed or any assets or debts in respect of which inaccurate particulars have been furnished.";
(ii) for the existing Explanation, the following Explanations shall be substituted, namely:—
"Explanation 1.— Where,—
(i) the value of any asset returned by any person is less than seventy-five per cent of the value of such asset as determined in an assessment under section 16 or section 17 (the value so assessed being referred to hereafter in this Explanation as the correct value of the asset), or
(ii) the value of any debt returned by any person exceeds the value of such debt as determined in an assessment under section 16 or section 17 by more than twenty-five per cent of the value so assessed (the value so assessed being referred to hereafter in this Explanation as the correct value of the debt), or
(iii) the net wealth returned by any person is less than seventy-five per cent of the net wealth as assessed under section 16 or section 17 (the net wealth so assessed being referred to hereafter in this Explanation as the correct net wealth),
then, such person shall, unless he proves that the failure to return the correct value of the asset or, as the case may be, the correct value of the debt or the correct net wealth did not arise from any fraud or any gross or wilful neglect on his part, be deemed to have concealed the particulars of assets or furnished inaccurate particulars of assets or debts for the purposes of clause (c) of this sub-section.
Explanation 2.—For the purposes of clause (iii) —
(a) the amount representing the value of any assets in respect of which the particulars have been concealed or any assets in respect of which inaccurate particulars have been furnished, shall be the value of such assets determined for the purposes of this Act as reduced by the value thereof, if any, declared in the return made under section 14 or section 15;
(b) the amount representing the value of any debts in respect of which inaccurate particulars have been furnished, shall be the amount by which the value of such debts declared in the return made under section 14 or section 15 exceeds the value thereof determined for the purposes of this Act.";
(c) in the Schedule, in Paragraph A of Part I, for clauses (a) and (b), the following clauses shall be substituted, with effect from the 1st day of April, 1969, namely:—
Rate of tax "(a) In the case of every individual:— (i) where the net wealth does not exceed Rs. 1,00,000 Nil. (ii) where the net wealth exceeds Rs. 1,00,000 but does not exceed Rs. 5,00,000 0. 5 per cent of the amount by which the net wealth exceeds Rs. 1,00,000; (iii) where the net wealth exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 2,000 plus I per cent of the amount by which the net wealth exceeds Rs. 5,00,000; (iv) where the net wealth exceeds Rs. 10,00,000 but does not exceed Rs. 20,00,000 Rs. 7,000 plus 2.5 per cent of the amount by which the net wealth exceeds Rs. 10,00,000 ; (v) where the net Wealth exceeds Rs. 20,00,000 Rs. 32,000 plus 3 per cent of the amount by which the net wealth exceeds Rs. 20,00,000. (b) In the case of every Hindu undivided family:— (i) where the net wealth does not exceed Rs. 2,00,000 Nil; (ii) where the net wealth exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 0.5 per cent of the amount by which the net wealth exceeds Rs. 2,00,000; (iii) where the net wealth exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 1,500; plus 1 per cent of the amount by which the net wealth exceeds Rs. 5,00,000; (iv) where the net wealth exceeds Rs. 10,00,000 but does not exceed Rs. 20,00,000 Rs. 6,500 plus 2.5 per cent of the amount by which the net wealth exceeds Rs. 10,00,000; (v) where the net wealth exceeds Rs. 20,00,000 Rs. 31,500 plus 3 per cent of the amount by which the net wealth exceeds Rs. 20,00,000." [Finance Act, 1968]
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Section 32, The Finance Act, 1968 (Act 19 of 1968).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 32
What does Section 32 of the Finance Act deal with?
Section 32 of the Finance Act is headed "Amendment of Act 27 of 1957". CHAPTER IV OTHER DIRECT TAXES Amendment of Act 27 of 1957 32.
How do I find court cases under Section 32 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1968 32, section 32 Finance Act 1968, section 32 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 32 of the Finance Act, and has it changed?
Its own text turns on section 5 (Insertion of new sections 35B and 35C), section 14 (Amendment of section 194A), section 15 (Amendment of section 199), section 16 (Amendment of Section 214), and on 2 further provisions, so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was Section 32 of the Finance Act enacted?
Section 32 of the Finance Act, cited as Finance Act 1968 32, was enacted on 11 May 1968 as Act 19 of 1968. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule6299 words
- 7. Insertion of new section 40A932 words
- 2. Income-tax845 words
- 5. Insertion of new sections 35B and 35C732 words
- 11. Insertion of new section 141A500 words
- Sixth Schedule. Sixth Schedule377 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.