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March 2009

Wealth Tax (Second Amendment) Rules, 2009 — Notification No. 16/2009, dated 13-2-2009.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
Chartered Accountants
Reading Time 1 mins
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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

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