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83. Amendment of section 44A |
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A WELCOME BUDGET
In section 44A of the Wealth-tax Act, in the Explanation, for the words "any country", the words "any country outside India or any territory outside India" shall be substituted with effect from the 1st day of October, 2009.
Clause 83 of the Bill seeks to amend section 44A of the Wealth-tax Act relating to agreement for avoidance or relief of double taxation with respect to wealth-tax.
Under the existing provision, power has been conferred upon the Central Government to enter into an agreement with the Government of any reciprocating country outside India for granting of relief in respect of wealth-tax payable under the said Act and the corresponding law in force in that reciprocating foreign country.
It is proposed to amend the Explanation to the said section so as to confer power upon the Central Government to enter into agreement with the Government of any territory outside India, which may be notified by the Central Government, in addition to entering into agreement with foreign countries as provided in the said existing section 44A.
This amendment will take effect from the 1st October, 2009.
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