The Wealth-Tax Act, 1957

The Wealth-Tax Act, 1957

CONTENTS
Sections	Particulars
–	Preamble
	–
Chapter I	Preliminary
1	Short title, extent 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 Deputy Commissioner to make enquiries
–	–
Chapter IV	Assessment
14	Return of Wealth
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
18A	Penalty for failure to answer questions, sign statements, furnish information, allow inspections, etc.
18B	Power to reduce or waive penalty in certain cases
–	–
Chapter IV A	Special Provision for Avoiding repetitive appeals
18C	Procedure when assessee claims identical question of law is pending before High Court to Supreme Court
–	–
Chapter IV B	Charge or Additional Wealth-Tax in certain cases
18D	Omitted
–	–
Chapter V	Liability to Assessment in Special cases
19	Tax of deceased person payable by legal representative
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 association of persons
22	Assessment of person residing outside India
–	–
Chapter V A	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 to Settlement Commission to re-open 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	Power of Settlement Commission to send a case back to the Assessing Officer if the assessee does not co-operate
22-I	Order of Settlement to be conclusive
22J	Recovery of sums due under order of settlement
22K	Bar on subsequent application for settlement in certain cases
22L	Proceedings before 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	Omitted
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 Tribunal from orders of enchancement
27	Reference of High Court
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 VII A	Refunds
34A	Refunds
–	–
Chapter VII B	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 VII	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
35B	Failure to furnish returns of net wealth
35C	Failure to produce accounts, records, etc.
35D	False statement in verification, etc., made under certain provision 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
35H	Offences by Hindu undivided families
35HA	Offences by companies
35-I	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 prosecutions and on inadmissibility of evidence in certain curcumstances
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
35-O	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	Omitted
42A	Publication of information respecting assessees
42B	Discloure of information respecting assessees
42C	Return of wealth, etc. not to be invalid on certain grounds
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
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 diffculties
–	–
SCHEDULES	–
Schedule 1	Rates of Wealth Tax
Schedule 2	Omitted
Schedule 3	Rules for determining the value of assests
–	–
Appendix	–

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