| Contents: |
| 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] |
