Wealth-Tax Act, 1957

⁹⁹[Time limit for completion of assessment and reassessment.

17A.¹[(1) No order of assessment shall be made under section 16 at any time after the expiry of two years from the end of the assessment year in which the net wealth was first assessable :

²[Provided that,-

(a)	-	where the net wealth was first assessable in the assessment year commencing on the 1st day of April, 1987, or any earlier assessment year, such assessment may be made on or before the 31st day of March, 1991 ;
(b)	-	where the net wealth was first assessable in the assessment year commencing on the 1st day of April, 1988, such assessment may be made on or before the 31st day of March, 1992:]

³[Provided further that in case the assessment year in which the net wealth was first assessable is the assessment year ^3a[commencing on or after the 1st day of April, 2004 but before the 1st day of April, 2010], the provisions of this sub-section shall have effect as if for the words "two years", the words "twenty-one months" had been substituted.]

(2) No order of assessment or reassessment shall be made under section 17 after the expiry of ⁴[one year] from the end of the financial year in which the notice under sub-section (1) of that sect .... To read the full section download the app from Google Play store