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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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