16068801-Wealth-Tax-1957-in-India

WEALTH TAXWEALTH TAXBasically Wealth tax is chargeable to Basically Wealth tax is chargeable to Net wealthNet wealth Net wealth for this purpose is Net wealth for this purpose is computed as followscomputed as followsAssets [u/s. 2 (ea)]Assets [u/s. 2 (ea)] --+ Deemed assets (u/s-4)+ Deemed assets (u/s-4)

- - TotalTotal

(-) Exempted assets (u/s-5)(-) Exempted assets (u/s-5) - - Assets chargeable to wealth taxAssets chargeable to wealth tax

Balance Balance(-) Debt owed [u/s-2 (m)](-) Debt owed [u/s-2 (m)]

- - Net Wealth Net Wealth BalanceBalance

Net wealth is chargeable to wealth tax Net wealth is chargeable to wealth tax in the immediately following in the immediately following assessment yearassessment year

Only an individual, HUF & a company is Only an individual, HUF & a company is chargeable to wealth tax.chargeable to wealth tax.

U/S-45, no wealth tax is chargeable in U/S-45, no wealth tax is chargeable in respect of Net wealth of ------respect of Net wealth of ------Any co. registered u/s-25 of the Any co. registered u/s-25 of the

companies act 1956companies act 1956Any co-operative societyAny co-operative societyAny social clubAny social clubAny political partyAny political partyA mutual fund specified u/s-10(23D) A mutual fund specified u/s-10(23D)

of the Income tax actof the Income tax act

Net wealth in excess of Rs.15 lacs is Net wealth in excess of Rs.15 lacs is charge- able to wealth tax @ 1%.charge- able to wealth tax @ 1%.

Companies registered u/s-25 of companies Companies registered u/s-25 of companies act, 1956 are known as Widely Held act, 1956 are known as Widely Held CompaniesCompanies These are companies which are formed These are companies which are formed

for the object of promotingfor the object of promoting Commerce, art, science, religion, charity or Commerce, art, science, religion, charity or Any useful object, which apply such profits for Any useful object, which apply such profits for

promoting their objects & prohibit the promoting their objects & prohibit the payment of dividend to their memberspayment of dividend to their members

All other companies are known as closely All other companies are known as closely held co.held co.

Assets [2(ea)]Assets [2(ea)]

Guest house, residential house or Guest house, residential house or commercial building u/s 2 (ea) (i)commercial building u/s 2 (ea) (i)

Any building or land whether used Any building or land whether used for commercial or residential for commercial or residential purposes or for the purpose of guest purposes or for the purpose of guest househouse

A farm house situated within 25 k.m. A farm house situated within 25 k.m. from the local limits of any from the local limits of any municipality or a cantonment boardmunicipality or a cantonment board

ExceptionsExceptions

If following conditions are satisfiedIf following conditions are satisfiedA house is not treated as “Assets”—A house is not treated as “Assets”—

It is meant exclusively for residential It is meant exclusively for residential purposespurposes

It is allotted by a company to an employee It is allotted by a company to an employee or an officer or a director who is in full time or an officer or a director who is in full time employmentemployment

A house held as stock in tradeA house held as stock in trade A house used for own business or professionA house used for own business or profession

Motor Car-[u/s 2 (ea) ii]Motor Car-[u/s 2 (ea) ii]For this purpose, “motor car” covers all For this purpose, “motor car” covers all

motor vehicles other than heavy vehicles.motor vehicles other than heavy vehicles.

ExceptionsExceptions Motor car used by the assessee in the Motor car used by the assessee in the

business of running them on hirebusiness of running them on hire Motor cars treated as stock in tradeMotor cars treated as stock in trade

In case of leasing company motor car is an assetIn case of leasing company motor car is an asset

Where an assessee had admittedly Where an assessee had admittedly pur5chased a car, merely because in view pur5chased a car, merely because in view of some dispute with seller it has not been of some dispute with seller it has not been registered in the assessee’s name, the registered in the assessee’s name, the assessee can’t plea that car is not assessee can’t plea that car is not includible in its taxable wealthincludible in its taxable wealth

JEWELLERY, UTENSILSJEWELLERY, UTENSILSOF GOLD, SILVER etc. OF GOLD, SILVER etc.

[u/s-2 (ea) (iii)][u/s-2 (ea) (iii)]Any of such article made fully or Any of such article made fully or partially of gold, silver, platinum or partially of gold, silver, platinum or any other precious metal any other precious metal

or or Any alloy containing one or more of Any alloy containing one or more of such precious metalssuch precious metals

are treated asare treated as “ “assets”assets”

EXCEPTIONSEXCEPTIONS

1.1. Stock in trade not an assetStock in trade not an asset

2.2. Gold deposit bonds are not Gold deposit bonds are not assetasset

BOATS and AIRCRAFTSBOATS and AIRCRAFTS[u/s-2 (ea) (iv)][u/s-2 (ea) (iv)]

Boats & Aircrafts are treated as Boats & Aircrafts are treated as AssetsAssets

Other than those used by the Other than those used by the assessee for commercial purposeassessee for commercial purpose

URBAN LAND URBAN LAND [u/s-2 (ea) (v)][u/s-2 (ea) (v)]

An urban land is an asset whether it is An urban land is an asset whether it is agricultural land or non agricultural land.agricultural land or non agricultural land.

It refers to a land situated in following areas:It refers to a land situated in following areas:

1.1. Land situated within municipality areaLand situated within municipality area

2.2. Land situated outside municipality areaLand situated outside municipality area

(Not more than 8 k.m.)(Not more than 8 k.m.)

EXCEPTIONSEXCEPTIONS

On which construction of building is not On which construction of building is not permissiblepermissible

On which construction is done with the On which construction is done with the approval of authorityapproval of authority

Any unused land held by the assessee for Any unused land held by the assessee for industrial purposes for a period of industrial purposes for a period of 2 years 2 years from the date of its acquisition.from the date of its acquisition.

Any land held by the assessee as stock in Any land held by the assessee as stock in trade for a period of trade for a period of 10 years10 years from the date from the date of its acquisition.of its acquisition.

DEEMED ASSETS [u/s-4]DEEMED ASSETS [u/s-4]

1.1. Assets transferred by one spouse to Assets transferred by one spouse to another [u/s-4(1)-(a)(i)]another [u/s-4(1)-(a)(i)]

2.2. Assets held by minor childAssets held by minor child

3.3. Assets transferred to a person or an Assets transferred to a person or an association of persons.association of persons.

4.4. Assets transferred under revocable Assets transferred under revocable transferstransfers

5.5. Assets transferred to son’s wifeAssets transferred to son’s wife

Continued…..Continued…..

6.6. Assets transferred for the benefit of Assets transferred for the benefit of son’s wifeson’s wife

7.7. Interest of partner Interest of partner [u/s-4 (1) (b)][u/s-4 (1) (b)]

8.8. Conversion by an individual of his self Conversion by an individual of his self acquired property into joint propertyacquired property into joint property

9.9. Gifts by book entriesGifts by book entries

10.10. Property held by a member of Property held by a member of housing societyhousing society

ASSETS EXEMPT FROM TAXASSETS EXEMPT FROM TAX(u/s-5)(u/s-5)

Property held under a trustProperty held under a trust Interest in the property of HUF for a Interest in the property of HUF for a

family memberfamily memberResidential building of a former rulerResidential building of a former rulerFormer ruler’s jewelleryFormer ruler’s jewelleryAssets belonging to the Indian Assets belonging to the Indian

repatriatesrepatriates

Repatriate (send back to domestic Repatriate (send back to domestic country)country)

DEBT OWED (Due)DEBT OWED (Due)[u/s/-2 (m)][u/s/-2 (m)]

The following two conditions should be The following two conditions should be satisfied to get deduction of debt owed.satisfied to get deduction of debt owed.

1.1. Only debt owed by the assessee on Only debt owed by the assessee on the valuation date is deductible.the valuation date is deductible.

2.2. Debts should have been incurred Debts should have been incurred in relation to these assets which in relation to these assets which are included in net wealth of the are included in net wealth of the assesseeassessee

VALUATION OF ASSETSVALUATION OF ASSETS[U/S-7][U/S-7]

1. Building (Part-B of schedule III)- Para 1. Building (Part-B of schedule III)- Para 549.1549.1

Step 1:Step 1: Find out Gross maintainable rent i.e. Find out Gross maintainable rent i.e.

a)a) If property is let outIf property is let out Annual rent received or receivable by the Annual rent received or receivable by the

ownerowner

OrOr Annual value of the property as assessed by Annual value of the property as assessed by

local authoritylocal authority

Whichever is higherWhichever is higher

b)b) If property is not let outIf property is not let out

Annual rent assessed by the local Annual rent assessed by the local authorityauthority

OrOr(In case property is situated outside the (In case property is situated outside the

jurisdiction of local authority)jurisdiction of local authority)

The amount which the owner can The amount which the owner can reasonably be expected to receive as reasonably be expected to receive as

annual rent had such property been let.annual rent had such property been let.

Step 2:Step 2: Find out net maintainable Find out net maintainable rent rent It is calculated by deducting It is calculated by deducting

following from following from step 1step 1

a)a) The amount of taxes charged by The amount of taxes charged by any local authority in respect of any local authority in respect of

propertyproperty

AndAnd

b)b) A sum equal to 15% of gross A sum equal to 15% of gross maintainable rentmaintainable rent

Step 3: CAPITALIZATIONStep 3: CAPITALIZATION Capitalization can be done by multiplying the Capitalization can be done by multiplying the

net maintainable rent by a decided factor as net maintainable rent by a decided factor as per follows:per follows:

In case of construction on lease hold land In case of construction on lease hold land factor should be 12.5factor should be 12.5

In case of the lease period of such land is 50 In case of the lease period of such land is 50 years or more factor should be 10years or more factor should be 10

In case lease period is less than 50 years In case lease period is less than 50 years factor should be 8factor should be 8

Step 4:Step 4: ADD PREMIUMADD PREMIUM

This step is to add premium to the This step is to add premium to the step 3step 3

If the unbuilt area of the plot of land If the unbuilt area of the plot of land on which the property is built on which the property is built exceeds the specified areaexceeds the specified area

For calculating premium For calculating premium following terms should be clearfollowing terms should be clear

1.1. Aggregate area:Aggregate area: It refers to floor It refers to floor area (built/ unbuilt)area (built/ unbuilt)

2.2. Unbuilt area: Unbuilt area: It refers to that part of It refers to that part of aggregate on which no building has aggregate on which no building has been constructedbeen constructed

Specified area:Specified area: Where the property situated at Where the property situated at Mumbai, Kolkata, Delhi or Chennai Mumbai, Kolkata, Delhi or Chennai

60% of the aggregate area60% of the aggregate area

Where the property situated at Ahemdabad, Where the property situated at Ahemdabad, Agra, Allahabad, Amritsar, Bangalore, Bhopal, Agra, Allahabad, Amritsar, Bangalore, Bhopal,

Cochin, Hyderabad, Indore, Jabalpur, Jamshedpur, Cochin, Hyderabad, Indore, Jabalpur, Jamshedpur, Kanpur, Lucknow, Ludhiana, Madurai, Nagpur, Kanpur, Lucknow, Ludhiana, Madurai, Nagpur,

Patna, Pune, Salem, Sholapur, Surat, Patna, Pune, Salem, Sholapur, Surat, Tiruchirapalli, Trivandrum, Vadadora or varanasi Tiruchirapalli, Trivandrum, Vadadora or varanasi

65% of the aggregate65% of the aggregate

For any other place For any other place 70% if the aggregate area70% if the aggregate area

Calculation of PremiumCalculation of PremiumExcess of unbuilt area over specified area Excess of unbuilt area over specified area Premium Premium

Not more than 5% of aggregate areaNot more than 5% of aggregate area NilNil

5% to 10% of aggregate area5% to 10% of aggregate area 20%20%

10% to 15% of aggregate area10% to 15% of aggregate area 30%30%

15% to 20% of aggregate area15% to 20% of aggregate area 40%40%

More than 20% of aggregate areaMore than 20% of aggregate area Rules of Rules of part-Bpart-B

Schedule III Schedule III Not applicable Not applicable

Step 5:Step 5: DEDUCT UNEARNED DEDUCT UNEARNED INCREMENTINCREMENT

It is to deduct the amount of It is to deduct the amount of unearned increment payableunearned increment payable

If property is built on leasehold land If property is built on leasehold land & any part of unearned increase in & any part of unearned increase in value is payable to the government value is payable to the government or any authority at the time of or any authority at the time of transfer of the property, the value of transfer of the property, the value of such property will be reduced by the such property will be reduced by the amount liable to be so paid.amount liable to be so paid.

2. Valuation of self occupied 2. Valuation of self occupied property -property - u/s-7 (2)u/s-7 (2)

It is applicable if following conditions are It is applicable if following conditions are satisfied.satisfied.

a)a) The assessee owns a house, being an The assessee owns a house, being an independent residential unitindependent residential unit

b)b) It is used by the assessee exclusively for his It is used by the assessee exclusively for his residential purposes throughout 12 monthsresidential purposes throughout 12 months

If these conditions are satisfied, the If these conditions are satisfied, the assessee can adopt anyone of the assessee can adopt anyone of the

followingfollowing

Option 1Option 1 He can take the value of a house as He can take the value of a house as

determined under part B of schedule III on determined under part B of schedule III on the valuation date relevant for the current the valuation date relevant for the current assessment year.assessment year.

Option 2Option 2 Alternatively he take value of the house, as Alternatively he take value of the house, as

determined under part B of schedule III on determined under part B of schedule III on the first valuation date on which he became the first valuation date on which he became the owner or the valuation relevant for the the owner or the valuation relevant for the assessment year 1971-1972.assessment year 1971-1972.

which ever is laterwhich ever is later

3. Valuation of Assets of 3. Valuation of Assets of BusinessBusiness

[Part D schedule III][Part D schedule III]a)a) Value of assets disclosed in Balance SheetValue of assets disclosed in Balance Sheet

Step 1:Step 1: Find out followingFind out following

Assets Assets Value ValueDepreciable assetsDepreciable assets W.D.V. W.D.V.Non depreciable assetsNon depreciable assets Book Book

valuevalue(other than stock in trade)(other than stock in trade)Closing stockClosing stock Value Value

adopted for the adopted for the

purpose of purpose of income taxincome tax

Step 2Step 2 Add 20% the values given in above Add 20% the values given in above

tabletable

Step 3Step 3

Find out the value of individual asset as Find out the value of individual asset as per the provisions of schedule IIIper the provisions of schedule III

Step 4Step 4

a)a) If the value of step 3 > step 2 then If the value of step 3 > step 2 then the amount of step 3 will be taken as the amount of step 3 will be taken as valuevalue

b)b) Else the value of step 1 will be taken.Else the value of step 1 will be taken.

b)b) Value of assets not disclosed in Value of assets not disclosed in Balance SheetBalance Sheet

The value of an asset not disclosed in The value of an asset not disclosed in the balance sheet shall be taken to the balance sheet shall be taken to be the value determined in be the value determined in accordance with the provisions of accordance with the provisions of schedule III as applicable to that schedule III as applicable to that asset.asset.

4. VALUATION OF INTEREST IN 4. VALUATION OF INTEREST IN FIRM OR ASSOCIATION OF FIRM OR ASSOCIATION OF

PERSONPERSON First of all determine the net wealth of the First of all determine the net wealth of the

firm. (ignore the section-5)firm. (ignore the section-5) This portion of net wealth, up-to the This portion of net wealth, up-to the

capital of the firm is allocated among the capital of the firm is allocated among the partners in the proportion of their partners in the proportion of their contribution.contribution.

The rest is allocated among partners The rest is allocated among partners according to the agreement of the according to the agreement of the partnership for distribution of assets in partnership for distribution of assets in dissolution or as per sharing ratio.dissolution or as per sharing ratio.

5. VALUE OF LIFE INTEREST5. VALUE OF LIFE INTEREST(Part F, schedule III)(Part F, schedule III)

Step 1: Step 1:

Find out “average net annual Find out “average net annual income” of the assessee desired for income” of the assessee desired for the life interest during 3 years the life interest during 3 years ending on the valuation date.ending on the valuation date.

Step 2:Step 2:

Allow maximum 5% as collection Allow maximum 5% as collection charges.charges.

Step 3: Step 3: Average net annual income shall be Average net annual income shall be multiplied by multiplier i.e. multiplied by multiplier i.e.

1/(p+d)-11/(p+d)-1Where, Where, p = Annual premium for a whole life insurance p = Annual premium for a whole life insurance

without profit on the life of the life of tenant for without profit on the life of the life of tenant for unit sum assured.unit sum assured.

d = (i/1+i) as i being rate of interest which is 6.5%d = (i/1+i) as i being rate of interest which is 6.5%Thus the multiplier depends upon the premium Thus the multiplier depends upon the premium for unit sum assured and age of the person for unit sum assured and age of the person having life interest. The multiplier i.e.having life interest. The multiplier i.e.

[1/(p+d)-1], [1/(p+d)-1], for different age may be checked through a pre for different age may be checked through a pre calculated tablecalculated table

Numerical ProblemNumerical Problem Mr. A aged 40 years. His father settled a house Mr. A aged 40 years. His father settled a house

property in trust giving whole life interest to A. property in trust giving whole life interest to A. The income form the property for the years The income form the property for the years

2005-06 to 2008-09 was 80000, 94000, 90000 2005-06 to 2008-09 was 80000, 94000, 90000 and 96000 respectivelyand 96000 respectively

The expenses incurred each year were Rs. The expenses incurred each year were Rs. 4000, 6000, 7500, and 18000 respectively.4000, 6000, 7500, and 18000 respectively.

Calculate the value of life interest of A in the Calculate the value of life interest of A in the property so settled on the valuation date property so settled on the valuation date March 2009, on the assumption that the value March 2009, on the assumption that the value of house as per schedule III is (a) 25 lakhs, (b) of house as per schedule III is (a) 25 lakhs, (b) 8 lakhs 8 lakhs

The multiplier at the age of 40 is 10.093The multiplier at the age of 40 is 10.093

SolutionSolution The average annual income for the period The average annual income for the period

2006-07 to 2008-092006-07 to 2008-09

Years 2006-07 2007-08 2008-09Years 2006-07 2007-08 2008-09

Income 94000 90000Income 94000 90000 96000 96000

(-) Exp (5%) 4700 4500 4800(-) Exp (5%) 4700 4500 4800

Net Income 89300 85500 Net Income 89300 85500 9120091200

Average annual income is Average annual income is

89300+85500+91200 = 26600089300+85500+91200 = 266000

266000/3=88666.67266000/3=88666.67

Thus the value of life interestThus the value of life interest

88666.67 X 10.093 = 894912.7088666.67 X 10.093 = 894912.70

DECISIONDECISIONPart (a)Part (a)The value of life interest of A in house The value of life interest of A in house

will be taken as will be taken as Rs. 894912.70 (as it is less than 16 lakh)Rs. 894912.70 (as it is less than 16 lakh)Part (b)Part (b)The value of life interest is Rs. The value of life interest is Rs.

894912.70.894912.70.However the value of the house in However the value of the house in

respect of which A has interest is Rs 8 respect of which A has interest is Rs 8 lakh. lakh.

Therefore value of life interest shall be Therefore value of life interest shall be taken as equal to Rs. 8 lakh (it cannot taken as equal to Rs. 8 lakh (it cannot be more than value of the house)be more than value of the house)

6. VALUATION OF JEWELLERY6. VALUATION OF JEWELLERY

The value of jewellery shall be estimated to The value of jewellery shall be estimated to be the price which it would fetch if sold in be the price which it would fetch if sold in the open market on the valuation date. The the open market on the valuation date. The following points should be kept in view.following points should be kept in view.

a)a) If value of jewellery less than Rs. 5 lakhIf value of jewellery less than Rs. 5 lakh A statement in Form No. O-8A is required for A statement in Form No. O-8A is required for

returnreturnb)b) If value of jewellery more than Rs. 5 If value of jewellery more than Rs. 5

lakhlakh A report of a registered valuer in Form No.A report of a registered valuer in Form No.

O-8A is required to file a return.O-8A is required to file a return.

7. VALUATION OF OTHER 7. VALUATION OF OTHER ASSETSASSETS

The valuation of an asset other than The valuation of an asset other than cash shall be estimated either by thecash shall be estimated either by the

assessing officer himself assessing officer himself or or

by the valuation officerby the valuation officerIn both of these cases, the value In both of these cases, the value shall be estimated to be the price shall be estimated to be the price which it would fetch if which it would fetch if sold in open sold in open marketmarket, on the valuation date., on the valuation date.

If the asset is not saleable in If the asset is not saleable in open marketopen market

The value shall be determined in The value shall be determined in accordance with guidelines or accordance with guidelines or principles specified by the board principles specified by the board from time to time by general or from time to time by general or special orderspecial order

Return of wealth and Return of wealth and assessmentassessment

Every person is required to file with the Every person is required to file with the wealth tax officer.wealth tax officer.

A return of net wealth in Form BAA return of net wealth in Form BA

If his net wealth or net wealth of If his net wealth or net wealth of any other person in respect of which any other person in respect of which he is assessable under act on the he is assessable under act on the valuation date is of such amount as valuation date is of such amount as to render him liable to wealth tax.to render him liable to wealth tax.

Return in response to a noticeReturn in response to a noticeu/s-17u/s-17

If any person, in the opinion of If any person, in the opinion of wealth tax officer, is assessable to wealth tax officer, is assessable to tax, the wealth tax officer may, tax, the wealth tax officer may, before the end of the relevant before the end of the relevant assessment year, issue a notice assessment year, issue a notice requiring him to furnish, a return of requiring him to furnish, a return of net wealth in prescribed form, within net wealth in prescribed form, within 30 days from the date of service of 30 days from the date of service of such notice.such notice.

Return showing wealth tax Return showing wealth tax below taxable limit u/s-14 (2)below taxable limit u/s-14 (2)

A return other than the return A return other than the return furnished in response to a notice u/s-furnished in response to a notice u/s-17.17.

Which shows the net wealth below the Which shows the net wealth below the taxable limit, therefore not chargeable taxable limit, therefore not chargeable to taxto tax

It will be deemed never to have been It will be deemed never to have been furnished furnished

Return after due date or Return after due date or amendment of return u/s-15amendment of return u/s-15

If any person has not furnished a return If any person has not furnished a return within time allowed under section 14 (1) or within time allowed under section 14 (1) or 16 (4) (i)16 (4) (i)

ORORHaving furnished a return discovers any Having furnished a return discovers any

omission or any wrong statement.omission or any wrong statement.He may furnished a return or revised return, He may furnished a return or revised return,

as the case may-be.as the case may-be.Late return or revised return can be Late return or revised return can be

submitted within one year from the end of submitted within one year from the end of the assessment year or before completion of the assessment year or before completion of the assessment year whichever is earlier.the assessment year whichever is earlier.

ASSESSMENTASSESSMENTWhere wealth tax is payable on the Where wealth tax is payable on the

basis of return to be furnished.basis of return to be furnished.

The assessee is required to pay the The assessee is required to pay the tax before filling of the return.tax before filling of the return.

And such return is to be And such return is to be accompanied by the proof of such accompanied by the proof of such payment.payment.

REGULARREGULAR ASSESSMENTASSESSMENT

The Direct Tax Laws The Direct Tax Laws (amendment) Act, 1987 has (amendment) Act, 1987 has amended the provisions amended the provisions regarding procedure for regarding procedure for assessment. The new provisions assessment. The new provisions have been brought on the lines have been brought on the lines of the income tax act.of the income tax act.

RECTIFICATIONRECTIFICATION In case wealth tax authority commits any In case wealth tax authority commits any

mistake while passing any kind of order, to mistake while passing any kind of order, to rectify that mistake the wealth tax authorities rectify that mistake the wealth tax authorities have following powers:have following powers:

Amendment of any order.Amendment of any order. Any order to refund.Any order to refund. The valuation officer may amend its orders.The valuation officer may amend its orders. The joint Director, Commissioner, The joint Director, Commissioner,

Commissioner (appeals), or Director may Commissioner (appeals), or Director may amend any of its order.amend any of its order.

The appellate tribunal may amend any of The appellate tribunal may amend any of its order.its order.

APPEALS & REVISIONSAPPEALS & REVISIONS The appeal against the order of an The appeal against the order of an

assessing officer or revision of that order assessing officer or revision of that order by commissioner of wealth tax is possible.by commissioner of wealth tax is possible.

a)a) Filling of appeal to commissioner u/s-23A Filling of appeal to commissioner u/s-23A (1) / 2(1) / 2

Within 30 days from date of receipt of Within 30 days from date of receipt of notice of demand or extended date.notice of demand or extended date.

b)b) Hearing & decision of the appeal by Hearing & decision of the appeal by commissioner (appeals) u/s-23A (8A)commissioner (appeals) u/s-23A (8A)

Within a period of 1 year from the end of Within a period of 1 year from the end of the financial year in which such appeal is the financial year in which such appeal is filed, where it is possible.filed, where it is possible.

c)c) Filling of appeal to tribunal u/s- 24 Filling of appeal to tribunal u/s- 24 (1) / (2)(1) / (2)Within 60 days from date of Within 60 days from date of communication of order of deputy communication of order of deputy commissioner (appeals)/ commissioner (appeals)/ commissioner (appeals) or within commissioner (appeals) or within extended time.extended time.

d)d) Filling of cross objections with Filling of cross objections with tribunal u/s- 24 (2A)tribunal u/s- 24 (2A)Within 30 days from date of receipt of Within 30 days from date of receipt of notice or within extended time.notice or within extended time.

e)e) Hearing & decision of the appeal by Hearing & decision of the appeal by tribunal u/s- 24 (5A)tribunal u/s- 24 (5A)Within a period of 4 years from the Within a period of 4 years from the end of the financial year in which such end of the financial year in which such appeal is filed, where it is possibleappeal is filed, where it is possible

f)f) Filling application to commissioner for Filling application to commissioner for revision u/s- 25 (1) (c)revision u/s- 25 (1) (c)

Within 1 year from date of order Within 1 year from date of order sought to be revised.sought to be revised.

g)g) Revision of order by commissioner u/s- Revision of order by commissioner u/s- 25 (1) (d)25 (1) (d)

Within 1 year from date of order Within 1 year from date of order sought to be revised.sought to be revised.

h)h) Revision by commissioner if considered Revision by commissioner if considered pre-judicial to revenue u/s -25 (2) / (3)pre-judicial to revenue u/s -25 (2) / (3)

Within 2 years from the end of Within 2 years from the end of financial year in which order sought to financial year in which order sought to be revised is passed.be revised is passed.

i)i) Passing order by commissioner on Passing order by commissioner on application made by assessee for application made by assessee for revision-u/s-25 (3A)revision-u/s-25 (3A)

Within 1 year from the end of the Within 1 year from the end of the financial year in which application is financial year in which application is made.made.

j)j) Application to tribunal from orders of Application to tribunal from orders of enhancement by chief commissioner enhancement by chief commissioner or director general u/s – 26 (1)or director general u/s – 26 (1)

Within 60 days from date of Within 60 days from date of communication of order of Chief communication of order of Chief Commissioner or Director General.Commissioner or Director General.

k)k) Filling application to Tribunal for Filling application to Tribunal for reference to High court u/s- 27 (1) / (2)reference to High court u/s- 27 (1) / (2)

Within 60 days from date of Within 60 days from date of service of Tribunal’s order or service of Tribunal’s order or within such further time no within such further time no exceeding 30 days as allowed by exceeding 30 days as allowed by Tribunal on sufficient causeTribunal on sufficient cause

l)l) Filling appeal to High court by the Filling appeal to High court by the assessee or Chief commissioner or assessee or Chief commissioner or commissioner u/s- 27 Acommissioner u/s- 27 A

Within 120 days of the day upon Within 120 days of the day upon which he is served with notice of which he is served with notice of an order u/s-24 or 25 or 35 (1) (e)an order u/s-24 or 25 or 35 (1) (e)

m)m) Filling appeal to Supreme Court u/s-Filling appeal to Supreme Court u/s-2929

If the assessee is not satisfied If the assessee is not satisfied with the orders passed by High with the orders passed by High Court, they may file an appeal Court, they may file an appeal against the order of High court against the order of High court to the Supreme court, but with to the Supreme court, but with the consent of High Court.the consent of High Court.

UNIT-4UNIT-4COMPLETECOMPLETE