REGISTERED No. D-(D)-72
The Gazette of India
EXTRAORDINARY
PART II—Section 3—Sub-section (ii)
PUBLISHED BY AUTHORITY
No. 981 NEW DELHI, MONDAY, MARCH I, 1976/PHALGUNA 11, 1897
Separate paging to given to this Part in order that it may be filed as a separate compilation
CENTRAL BOARD OF DIRECT TAXES
NOTIFICATION
WEALTH-TAXI
New Delhi, the 1st March 1976
S.O. 147(E).—In exercise of the powers conferred by section 46 of the Wealth-tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following rules further to amend the Wealth-tax Rules, 1957, namely:—
1. (1) These rules may be called the Wealth-tax (Amendment) Rules, 1976.
(2) They shall come into force on the 1st day of April, 1976.
2. In the Wealth-tax Rules, 1957, in Form A,—
(a) in Part III, for item 3, the following item shall be substituted, namely:—
"3. Value of assets (including value of gift of money made by means of book entries), as per Annexure XV, which is to be included in the net wealth of the assessce under section 4(1)(a) or 4(1A) or 4(5A).";
(b) Part V shall be re-numbered as Part VI and before Part VI as so re-numbered,
the following Port shall be inserted, namely:—
"PART V
Statement of tax paid on sale assessment (See Note)
Date of Payment Amount
( 475 )
476 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—NOTE: If any tax is payable on the basis of this return, after taking into account the amount of tax, if any, already paid under any provision of the Wealth-tax Act, 1957, such tax. must be paid before furnishing this return and the return should be accompanied by proof of such payment-—sec. 15B.";
(c) below the VERIFICATION, for the words and figured "Any person mating a false statement in this return shall be liable to prosecution under section 36 of the Wealth-tax Act, 1957, and on conviction be punishable with rigorous imprisonment which shall not ordinarily be less than six months and may extend to two years", the following shall be substituted, namely:—
"(Any person making a false statement in this return shall be liable to prosecu- tion under section 35 D of the Wealth-tax Act, 1957, and on conviction be punishable,—
(i) ir" a case where the tax sought to be evaded exceeds one lakh rupees, with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine;
(ii) in any other case, with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and with fine.)11;
(d) in Annexure VI, in item 9, the woid "held" shall be omittrd ; (e) for Annexure XV, the following Annexure shnll be substituted, namely :—
"ANNEXURE XV "(See section G of Part III of this return)
Statement of 'Transferred Assets', 'Converted Properly' and 'Gift of Money by means of Book Entries—vide Section 4 ( l ) ( a ), 4(1/1) and 4(5,4) {See Note)
Description of assets/gifts
Date oftransfer/gift Name of transferee/ Value
don ee Rs.
i.
2,
3.
'Transferred assets' includible in net wealth—vide sec. 4 (1) (a). 'Converted property* includible in net wealth—vide sec. 4 (iA). 'Gift of money by means of book entries' —vide sec. 4(sA).
TOTAL RS. •— — •• • —.
Deduct: Debts referable to such assets/gift Rs. • • — —. — Balance taken to Section G (Item 3) of Part III of this return Rs. . . . . ".
[No. 1248/F.N0. I43(i)i76-T.P.L.]
O. P. BHARDWAJ,
Secretary, Central Board of Direct Taxes.
SEC. 3(ii)] THE GAZETTE OF INDIA EXTRAORDINARY 477 4^3 THfe GAZETTfe OF INDIA EXTRAORDINARY [PART fl—SEC. 3(li)]