Amendment of Act 27 of 1957

Section 57 of the Finance Act, 2006 deals with amendment of Act 27 of 1957. Wealth-tax Amendment of Act 27 of 1957. 57.

Wealth-tax

Amendment of Act 27 of 1957.

57. In section 17A of the Wealth-tax Act, with effect from the 1st day of June, 2006,—

(a ) in sub-section (1 ), after the proviso, the following proviso shall be inserted, namely:—

‘ Provided further that in case the assessment year in which the net wealth was first assessable is the assessment year commencing on the 1st day of April, 2004 or any subsequent year, the provisions of this sub-section shall have effect as if for the words "two years", the words "twenty-one months" had been substituted.’;

(b ) in sub-section (2), after the proviso, the following proviso shall be inserted, namely:—

‘ Provided further that where the notice under sub-section (1) of section 17 was served on or after the 1st day of April, 2005, the provisions of this sub-section shall have effect as if for the words "one year", the words "nine months" had been substituted.’;

(c ) in sub-section (3), after the proviso, the following proviso shall be inserted, namely:—

‘ Provided further that where the order under section 23A or section 24 is received by the Chief Commissioner or Commissioner or, as the case may be, the order under section 25 is passed by the Commissioner, on or after the 1st day of April, 2005, the provisions of this sub- section shall have effect as if for the words "one year", the words "nine months" had been substituted.’.

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Section 57, The Finance Act, 2006.