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Wealth Tax - Assessment by Assessing Officer (AO)

Assessing Officer
 "Assessing Officer" means the Deputy Commissioner of Income-tax or the Assistant Commissioner or the Income-tax Officer who is vested with the relevant jurisdiction by virtue of directions or orders issued under sub-section (1) or sub-section (2) of section 120 or any other provision of the Income-tax Act which apply for the purposes of wealth-tax under section 8 of this Act and also the Joint Commissioner who is directed under clause (b) of sub-section (4) of the said section 120 to exercise or perform all or any of the powers and functions conferred on or assigned to the Assessing Officer under that Act;]

 

 


Self assessment Section 15B
(1) Where a return has been furnished under section 14 or section 15 and the tax payable on the basis of that return exceeds five hundred rupees, the assessee shall pay the tax so payable within thirty days of furnishing the return.

(2) After a provisional assessment under section 15C or a regular assessment under section 16 has been made, any amount paid under sub- section (1) shall be deemed to have been paid towards the provisional assessment or regular assessment, as the case may be.

(3) If any assessee fails to pay the tax or any part thereof in accordance with the provisions of sub- section (1), he shall, unless a provisional assessment under section 15C or a regular assessment under section 16 has been made before the expiry of thirty days referred to in that sub- section, be liable, by way of penalty, to pay such amount as the Wealth- tax Officer may direct, 1[ and in the case of a continuing failure, such further amount or amounts as the Wealth- tax Officer may from time to time direct, so, however, that the total amount of penalty does not exceed fifty per cent. of the amount of such tax or part, as the case may be:] Provided that before levying any such penalty, the assessee shall be given a reasonable opportunity of being heard.

Assessment of Wealth Tax by Assessing Officer (AO)
The assessing officer assess the return of Wealth submitted by the Assessee. If he is satisfied with the Return, computation and tax payment made by the Assessee, he will pass the Assessment Order.

If the Assessing officer is not satisfied with the Return filed by the Assessee or find any discrepancies he may pass the Assessing Order with Demand notice for the amount of tax due.

Any assessee intends to appeal against the order of the Assessing Officer can file appeal with the Commissioner of Wealth Tax within 30 days of receipt of the Assessment Order.

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