Wealth-Tax Act, 1957

¹⁸[Interest for defaults in furnishing return of net wealth.

17B. (1) Where the return of net wealth for any assessment year under sub-section (1) of section 14 or section 15, or in response to a notice under clause (i) of sub-section (4) of section 16, is furnished after the due date, or is not furnished, the assessee shall be liable to pay simple interest at the rate of ¹⁹[one] per cent for every month or part of a month comprised in the period commencing on the date immediately following the due date, and,-

(a)	-	where the return is furnished after the due date, ending on the date of furnishing of the return, or
(b)	-	where no return has been furnished, ending on the date of completion of the assessment under sub-section (5) of section 16,

on the amount of tax payable on the net wealth as determined ²⁰[under sub-section (1) of section 16 or] on regular assessment.

Explanation 1.-In this section, "due date" means the date specified in sub-section (1) of section 14 as applicable in the case of the assessee.

²¹[Explanation 2.-In this sub-section, "tax payable on the net wealth as determined under sub-section (1) of section 16" shall not include the additional wealth-tax, if any, payable under section 16.]

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