Class 63

63
1. Sec 14 filing of wealth tax return if and only if wealth exceeds 30 lacs
Due date same as income tax
However return filed for the purpose of section 17 is valid

14A and 14B

Now assessee can file electronic return as well.

Sec 15A signing/verification of return by digital signature

Interest for late payment is of 1 % pm or part of the month.

Section 17 equals to 148 of income tax act .

2. remaining provisions are similar to that of income tax act with the only difference of certain limits ...

Module 5
1. Sec 142A reference to valuation officer
For fmv of property.
Even if books of accounts are rejected or not.
For wealth tax purpose etc .
To overrule the judgement which states reference can be made only for capital gains

Submit report within 6 months from the end of the month in which reference is made.

This period will not be counted for the purpose of time limit of assessment I. E. Explanation to sec 153

2. Sec 154 rectification of mistake apparent from records of
A. Order
B. Intimation of sec 143 ( 1 ) and 200A (1)

However
Mistake apparent from records in order of itat to be rectified under section 254 ( 2 )

Appeal against this order is possible

Re rectification is possible.
Rectification can be made only on the  basis of judgement of sc only provided time limit is not expired.

Rectification can be made suo moto or on notice by assessee/deductor
Mistake pointed out by AO to CIT(A)

154 ( 7) within 4 years from the end of the financial year for which rectification is sought .

If order u / s 154 is not passed within time limit of 4 years  then it can be passed to the advantage of the assessee

Partial merger is also applicable in case of sec 154

Retrospective ammendment can be given effect u / s 154 subject to time limit of 4 years

154 ( 8) without prejudice to sec 154 (7 ) Order of section 154 to be passes within 6 months from the end of the month in which the application is received
For making the ammendment or refusing to allow the claim
For clarification see illustration on page no 278

Suo moto 4 years limit
Assessee applied then 6 months

Hind wire industries LTD SC

Order sought to be ammended will not necessarily mean the original order but also the rectified order...