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Part A : DIRECT TAXES
40 Wealth Tax (Second Amendment) Rules, 2009
— Notification No. 16/2009, dated 13-2-2009.
Rule 3A of the Wealth Tax Rules has been amended. This rule
decides the jurisdiction of valuation officers, which is based on the asset
value declared by the assessee in the wealth tax return. There are three levels
of Valuation Officers as prescribed in the aforementioned Rule. The new
jurisdiction based on the valuation is as under :
| Prescribed value of the asset either declared in the return of net wealth or not declared, but believed by the AO to be of such value |
Jurisdictional Valuation officer |
If the asset value exceeds Rs.300 lakhs |
District Valuation officer |
If the asset value exceeds Rs.40 lakhs, but not exceed Rs.300 lakhs |
Valuation officer |
If the asset value does not exceed Rs.40 lakhs |
Assistant Valuation officer |
