CIRCULAR NO. 1 OF 1973 DATED 23/07/1973

AMENDMENTS TO THE GIFT-TAX ACT, 1963 AND WEALTH-TAX ACT, 1963 BY THE FINANCE ACT, 1973 -- INSTRUCTION REGARDING CIRCULAR NO. 1 OF 1973 DATED 23/07/1973 GOVERNMENT OF PAKISTAN CENTRAL BOARD OF REVENUE Islamabad, the 23rd July, 1973 CIRCULAR NO. 1 OF 1973 (WEALTH TAX) Subject: AMENDMENTS TO THE GIFT-TAX ACT, 1963 AND WEALTH-TAX ACT, 1963 BY THE FINANCE ACT, 1973 -- INSTRUCTION REGARDING The following are the salient features of the amendments made to the Gift-tax Act and Wealth-tax Act by the Finance Act, 1973:-- GIFT-TAX ACT, 1963 (1) Section 6(1)--Reference to valuer.-- Clause (xxv) of Section 2 of the Gift-tax Act defines "˜valuer' as a valuer appointed under Section 3A of the Estate Duty Act, 1950. Now, a new Section 6A has been added enabling a Gift-tax Officer to refer, under sub-section (1) thereof, for proper valuation to a valuer, cases where, in his opinion, any gifted property has not been correctly valued. Sub-section (2) of the new section empowers the valuer to enter upon and inspect such property with the prior approval of the Inspecting Assistant Commissioner. (2) Section 35--Penalty and Prosecution.-- The forum where the offence under the Gift-tax Act were triable was not previously mentioned. Now sub-sections (5), (6) and (7) have been added to bring the provisions in line with Section 54A of the Income-tax Act, 1922 and the offence punishable under the Gift-tax Act will also be tried by the Special Judges. WEALTH-TAX ACT, 1963 (3) Wealth-tax on companies.-- Companies are not chargeable to…