Wealth-tax (First Amendment) Rules, 2007

| Last updated: 22 August 2007

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The Wealth-tax (First Amendment) Rules, 2007, introduced significant changes to the Wealth-tax Rules, 1957. These amendments, effective from their publication date, focus on the process of applying for settlement of cases. Key changes include modifications to the heading of rule 4A, the insertion of a new sub-rule requiring assessees to inform their Assessing Officer about settlement applications, and a revised rule 4AA detailing how the Settlement Commission communicates with the Commissioner. Additionally, Form DA has been updated, and a new Form DAA has been introduced.

Wealth-tax (First Amendment) Rules, 2007 - Amendments in rule 4A, substitution of rule 4AA and Form DA; insertion of Form DAA

Notification No. 216/2007 [F. No. 142/11/2007-TPL], dated 7-8-2007

In exercise of the powers conferred by section 46 of the Wealth-tax Act, 1957 (27 of 1957) (hereinafter referred to as the Act), 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 (First Amendment) Rules, 2007.

(2) They shall come into force from the date of their publication in the Official Gazette.

2. In the Wealth-tax Rules, 1957,—

(a) in rule 4A,—

(i) for the heading “Form of application for settlement of case”, the heading “Form of application for settlement of case and intimation to the Assessing Officer” shall be substituted;

(ii) after sub-rule (3), the following sub-rule shall be inserted, namely:—

“(4) The assessee shall, on the date on which he makes the application to the Settlement Commission, intimate in Form DAA to the Assessing Officer of having made such application to the Commission.”;

(b) for rule 4AA, the following rule shall be substituted, namely:—

“4AA. (1) The Settlement Commission shall, while calling for a report from the Commissioner under sub-section (2B) of section 22D, forward a copy of the application in Form DA (other than the Annexure and the statements and other documents accompanying such Annexure) along with a copy of the order under sub-section (1) of section 22D or, as the case may be, an intimation in respect of an application deemed to have been allowed to be proceeded with under sub-section (2A) of section 22D.

(2) Where an application has not been declared invalid under sub-section (2C) of section 22D or an application has been allowed to be further proceeded with under sub-section (2D) of section 22D, the information contained in the Annexure to the application in Form DA and in the statements and other documents accompanying such Annexure shall be sent to the Commissioner.”

(c) In Appendix II, for Form DA, the following Forms shall be substituted, namely:—

Form DA

Form DAA