Rounding off of net wealth
Section 44C of the Wealth-tax Act, 1957 deals with rounding off of net wealth. The amount of net wealth computed in accordance with the foregoing provisions of this Act shall be rounded off to the nearest multiple of one hundred rupees and, for this purpose, any part of a rupee consisting of paise shall be ignored and thereafter, if such amount contains a part of one hundred r The Act came into force on 01 Apr 1957.
The amount of net wealth computed in accordance with the foregoing provisions of this Act shall be rounded off to the nearest multiple of one hundred rupees and, for this purpose, any part of a rupee consisting of paise shall be ignored and thereafter, if such amount contains a part of one hundred rupees, then, if such part is fifty rupees or more, the amount shall be increased to the next higher amount which is a multiple of one hundred and, if such part is less than fifty rupees, the amount shall be reduced to the next lower amount which is a multiple of one hundred; and the amount so rounded off shall be deemed to be the net wealth of the assessee for the purposes of this Act.
Section 44C, The Wealth-tax Act, 1957 (Act 27 of 1957).
Questions about Section 44C
What does Section 44C of the Wealth-tax Act deal with?
Section 44C of the Wealth-tax Act is headed "Rounding off of net wealth". The amount of net wealth computed in accordance with the foregoing provisions of this Act shall be rounded off to the nearest multiple of one hundred rupees and, for this purpose, any part of a rupee consisting of paise shall be ignored and thereafter, if such amount contains a part of one hundred r
How do I find court cases under Section 44C of the Wealth-tax 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: Wealth Tax Act 44C, section 44C Wealth Tax Act, section 44C of the Wealth-tax Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
When did Section 44C of the Wealth-tax Act come into force?
Section 44C of the Wealth-tax Act, cited as Wealth Tax Act 44C, came into force on 01 Apr 1957, having been enacted on 12 Sep 1957. It is in force as at the date shown on this page.
Other sections of this Act
- 37A. Power of search and seizure2438 words
- 2. Definitions2369 words
- 4. Net wealth to include certain assets1796 words
- 18. Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc1680 words
- 22D. Procedure on receipt of an application under section 22C1492 words
- 21. Assessment when assets are held by courts of wards, administrators-general, etc1354 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. Recovered from the consolidated text published by India Code on the Act's own item (3fd2ecf9-23b2-4ae9-b5fe-a23fd3c0080f). India Code lists this Act but publishes no sections for it, so there was nothing to harvest, only a document to read. This page is not a substitute for legal advice.