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The Wealth Tax Act, 1957

[Act No. 27 of 1957]

[12th September, 1957]

Title The Wealth-tax Act, 1957
Sections: Particulars:
Chapter I Preliminary Sections
1. Short title, and commencement
2. Definitions
Chapter II Charge of Wealth-Tax and Assets Subject to Such Charge
3. Charge of wealth-tax
4. Net wealth to include certain assets
5. Exemptions in respect of certain assets
6. Exclusion of assets and debts outside India
7. Value of assets, how to be determined
Chapter III Wealth-Tax Authorities
8. Wealth-tax authorities and their jurisdiction
8A. [Omitted]
8AA. [Omitted]
8B. [Omitted]
9. Control of wealth-tax authorities
9A. [Omitted]
10. Instructions to subordinate authorities
10A. [Omitted]
11. Jurisdiction of Assessing Officers and power to transfer cases
11A. [Omitted]
11AA. [Omitted]
11B. [Omitted]
12. [Omitted]
12A. Appointment of Valuation Officers
13. [Omitted]
13A. Powers of Director - General or Director, Chief Commissioner or Commissioner and Joint Commissioner to make enquiries
Chapter IV Assessment
14. Return of wealth
14A. Power of Board to dispense with furnishing documents, etc, with return of wealth
14B. Filing of return in electronic form
15. Return after due date and amendment of return
15A. Return by whom to be signed
15B. Self-assessment
15C. [Omitted]
16. Assessment
16A. Reference to Valuation Officer
17. Wealth escaping assessment
17A. Time limit for completion of assessment and reassessment
17B. Interest for defaults in furnishing return of net wealth
18. Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc
18A. Penalty for failure to answer questions, sign statements, furnish informatio n, allow inspection, etc
18B. Power to reduce or waive penalty in certain cases
18BA. Power of Commissioner to grant immunity from penalty
Chapter IVA Special Provision for Avoiding Repetitive Appeals
18C. Procedure when assessee claims identical question of law is pending before High Court or Supreme Court
Chapter IVB Charge of Additional Wealth-Tax in Certain Cases
18D. [Omitted]
19. Tax of deceased person payable by legal representative
Chapter V Liability to Assessment in Special Cases
19A. [Assessment in the case of executors
20. Assessment after partition of a Hindu undivided family
20A. Assessment after partial partition of a Hindu undivided family
21. Assessment when assets are held by courts of wards, administrators-general, etc
21A. Assessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes
21AA. Assessment when assets are held by certain associations of persons
22. Assessment of persons residing outside India
Chapter VA Settlement of Cases
22A. Definitions
22B. Wealth-tax Settlement Commission
22BA. Jurisdiction and powers of Settlement Commission
22BB. Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances
22BC. Power of Chairman to transfer cases from one Bench to another
22BD. Decision to be by majority
22C. Application for settlement of cases
22D. Procedure on receipt of an application under section 22C
22DD. Power of Settlement Commission to order provisional attachment to protect revenue
22E. Power of Settlement Commission to reopen completed proceedings
22F. Powers and procedure of Settlement Commission
22G. Inspection, etc, of reports
22H. Powers of Settlement Commission to grant immunity from prosecution
22HA. Abatement of proceedings before Settlement Commission
22HAA. Credit for tax paid in case of abatement of proceedings
22I. Order of settlement to be conclusive
22J. Recovery of sums due under order of settlement
22K. Bar on subsequent application for settlement
22L. Proceedings before the Settlement Commission to be judicial proceedings
22M. [Omitted]
Chapter VI Appeals, Revisions and References
23. Appeal to the Deputy Commissioner (Appeals) from orders of Assessing Officer
23A. Appealable orders before Commissioner (Appeals)
24. Appeal to the Appellate Tribunal from orders of the Deputy Commissioner (Appeals)
25. Powers of Commissioner to revise orders of subordinate authorities
26. Appeal to the Appellate Tribun al from orders of enhancement by Chief Commissioner or Commissioner
27A. Appeal to High Court
28. Hearing by High Court
29. Appeal to Supreme Court
29A. Tax to be paid notwithstanding reference, etc
29B. Definition of High Court
Chapter VII Payment and Recovery of Wealth-Tax
30. Notice of demand
31. When tax, etc, payable and when assessee deemed in default
32. Mode of recovery
33. Liability of transferees of properties in certain cases
34. [Omitted]
Chapter VIIA Refunds
34A. Refunds
Chapter VIIB Registered Valuers
34AA. Appearance by registered valuers
34AB. Registration of valuers
34AC. Restrictions on practice as registered valuer
34ACC. Furnishing of particulars in certain cases
34AD. Removal from register of names of valuers and restoration
34AE. Existing registered valuers to apply afresh
Chapter VIII Miscellaneous
34B. Transfers to defraud revenue to be void
34C. Provisional attachment to protect revenue in certain cases
35. Rectification of mistakes
35A. Wilful attempt to evade tax, etc
35B. Failure to furnish returns of net wealth
35C. Failure to produce accounts, records, etc
35D. False statement in verification, etc, made under certain provisions of the Act
35E. False statement in verification mentioned in section 34AB
35EE. Failure to furnish particulars under section 34ACC
35EEE. Contravention of order made under second proviso to sub-section (1) or sub-section (3A) of section 37A
35F. Abetment of false return, etc
35G. Punishment for second and subsequent offences
35GA. Power of Commissioner to grant immunity from prosecution
35H. Offences by Hindu undivided families
35HA. Offences by companies
35I. Prosecutions to be with the previous sanction of certain wealth-tax authorities and their power to compound offences
35J. Certain offences to be non-cognizable
35K. Bar on prosecution and on inadmissibility of evidence in certain circumstances
35L. Jurisdiction of courts
35M. Section 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply
35N. Presumption as to books of account, etc, in certain cases
35O. Presumption as to culpable mental state
36. Proof of entries in records or documents
36A. Power to tender immunity from prosecution
37. Power to take evidence on oath, etc
37A. Power of search and seizure
37B. Power to requisition books of account, etc
37C. Application of retained assets
38. Information, returns and statements
38A. Powers of Valuation Officer, etc
39. Effect of transfer of authorities on pending proceedings
40. Computation of periods of limitation
41. Service of notice
42. Notice deemed to be valid in certain circumstances
42A. Publication of information respecting assessees
42B. Disclosure of information respecting assessees
42C. Return of wealth, etc, not to be invalid on certain grounds
42D. Presumption as to assets, books of account, etc
43. Bar of jurisdiction
44. Appearance before wealth-tax authorities by authorised representatives
44A. Agreement for avoidance or relief of double taxation with respect to wealth-tax
44B. Countries with which no agreement exists
44C. Rounding off of net wealth
44D. Rounding off of tax, etc
45. Act not to apply in certain cases
46. Power to make rules
46A. Power to make exemption, etc, in relation to certain Union territories
47. Power to remove difficulties
Schedul I Rates of Wealth-Tax
Schedul II [The Second Schedule]
Schedul IV Rules for Determining The Value of Assets]

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