Chapter IV
55Return of wealth.
14. 56[(1)
Every person, if his net wealth or the net wealth of any other person in
respect of which he is assessable under this Act on the valuation date exceeded
the maximum amount which is not chargeable to wealth-tax, shall, on or before
the due date, furnish a return of his net wealth or the net wealth of such
other person as on that valuation date in the prescribed form and verified in
the prescribed manner setting forth particulars of such net wealth and such
other particulars as may be prescribed.
Explanation.—In this
sub-section, “due date” in relation to an assessee under this Act shall be the
same date as that applicable to an assessee under the Income-tax Act under the Explanation
to sub-section (1) of section 139 of the Income-tax Act.
(2) Notwithstanding anything contained in any other provision of this
Act, a return of net wealth which shows the net wealth below the maximum amount
which is not chargeable to tax shall be deemed never to have been furnished :
Provided that this
sub-section shall not apply to a return furnished in response to a notice
under section 17.]
(3) 57[Omitted
by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.]