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TypeBare Act JurisdictionCentral Government

Wealth Tax Act, 1957

Complete Act - all sections

~5 min read
https://sooperkanoon.com/act/134412

Bare act · Research

About this act

Wealth Tax Act, 1957 is Central state legislation published on SooperKanoon in full. Use this page to read the bare act and jump to judgments that cite it.

Research copy - verify against official government publications before filing or court use.

Act Text

Section1 - Short title, extent and commencement.—
Section2 - Definitions.—In this Act, unless the context otherwise requires,—
Section3 - Subs. by Act 46 of 1964, s. 2, for clauses
Section4 - Subs. by Act 21 of 1998, s. 67, for clause
Section5 - Ins. by Act 22 of 2007, s. 83
Section6 - Ins. by s. 83, ibid
Section7 - Clause
Section8 - Subs. by Act 23 of 2012, s. 115, for “five lakh rupees”
Section9 - Clause
Section10 - Subs. by Act 22 of 2007, s. 83, for clause
Section11 - Clauses
Section12 - Ins. by Act 46 of 1964, s. 2
Section14 - Return of wealth.—1[
Section14B - Filing of return in electronic form.—The Board may make rules providing for—
Section17 - Wealth escaping assessment.—2[
Section18C - Procedure when assessee claims identical question of law is pending before High Court or Supreme Court.—
Section19 - Tax of deceased person payable by legal representative.—
Section20 - Assessment after partition of a Hindu undivided family.—
Section21 - Assessment when assets are held by courts of wards, administrators-general, etc.—
Section22 - Assessment of persons residing outside India.—
Section22B - Wealth-tax Settlement Commission.—
Section22C - Application for settlement of cases.—2[
Section22D - Procedure on receipt of an application under section 22C.— 3 [
Section22E - Power of Settlement Commission to reopen completed proceedings.—If the Settlement Commission is of the opinion
Section22F - Powers and procedure of Settlement Commission.—
Section22G - Inspection, etc., of reports.—No person shall be entitled to inspect, or obtain copies of, any reports made by any
Section22H - Powers of Settlement Commission to grant immunity from prosecution.—
Section22J - Recovery of sums due under order of settlement.—Any sum specified in an order of settlement passed under sub-section
Section22L - Proceedings before the Settlement Commission to be judicial proceedings.—Any proceeding under this Chapter before the
Chapter6 - APPEALS, REVISIONS AND REFERENCES
Section23 - Appeal to the 3 [Deputy Commissioner
Section24 - Appeal to the Appellate Tribunal from orders of the 3[Deputy Commissioner
Section25 - Powers of Commissioner to revise orders of subordinate authorities.—
Section26 - Appeal to the Appellate Tribunal from orders of enhancement by 1[Chief Commissioner or Commissioner].—
Section27 - Reference to High Court.—7[
Section28 - Hearing by High Court.—When a case has been stated to the High Court 2[under section 27 or an appeal filed before the
Section29 - Appeal to Supreme Court.—
Section29B - Definition of High Court.—In this Chapter, “High Court” means—
Section31 - When tax, etc., payable and when assessee deemed in default.—
Section32 - Mode of recovery.—The provisions contained in 1[sections 221 to 227, 228A], 229, 231 and 232 of the Income-tax Act and
Section33 - Liability of transferees of properties in certain cases.—
Section34A - Refunds.—
Section34C - Provisional attachment to protect revenue in certain cases.—
Section13 - Subs. by Act 4 of 1988, s. 127, for “Appellate Assistant Commissioner”
Section35B - Failure to furnish returns of net wealth.—If a person wilfully fails to furnish in due time the return of his net
Section35C - Failure to produce accounts, records, etc.—If a person wilfully fails to produce, or cause to be produced, on or before
Section35D - False statement in verification, etc., made under certain provisions of the Act.—If a person makes a statement in any
Section35E - False statement in verification mentioned in section 34AB.—If a person makes a statement in a verification mentioned in
Section35F - Abetment of false return, etc.—If a person abets or induces in any manner another person to make and deliver an
Section35G - Punishment for second and subsequent offences.—If any person convicted of an offence under sub-section
Section35H - Offences by Hindu undivided families.—
Section35J - Certain offences to be non-cognizable.—Notwithstanding anything contained in the Code of Criminal Procedure, 1973
Section35K - Bar on prosecution and on inadmissibility of evidence in certain circumstances.—
Section18B - (2) Where any proceeding for prosecution has been taken against any person under this Act, any statement made or
Section35L - Jurisdiction of courts.—No court inferior to that of a Metropolitan Magistrate or a Magistrate of the first class shall
Section35M - Section 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply.—Nothing
Section35N - Presumption as to books of account, etc., in certain cases.—
Section37C - (5C) If the Assessing Officer is satisfied that the seized assets or any part thereof were held by such person for or
Section37B - Power to requisition books of account, etc.—
Section38 - Information, returns and statements.— 1 [Where, for the purposes of this Act], it appears necessary for 2[any
Section39 - Effect of transfer of authorities on pending proceedings.—Whenever in respect of any proceeding under this Act any
Section40 - Computation of periods of limitation.—In computing the period of limitation prescribed for an appeal under this Act or
Section41 - Service of notice.—
Section42B - Disclosure of information respecting assessees.—Where a person makes an application to the 7
Section43 - Bar of jurisdiction.—No suit shall lie in any civil court to set aside or modify 2[any proceeding taken or order made]
Section44A - Agreement for avoidance or relief of double taxation with respect to wealth-tax.—1[The Central Government may enter
Section44B - Countries with which no agreement exists.—Where the net wealth of any assessee includes any foreign wealth and he
Section44D - Rounding off of tax, etc.—The amount of wealth-tax, interest, penalty, fine or any other sum payable, and the amount of
Section45 - Act not to apply in certain cases.—1[No tax shall be levied under this Act in respect of the net wealth of—]
Section46 - Power to make rules.—
Section15 - Valuation of interest in firm or association of persons.—The value of the interest of a person in a firm of which he is
Section16 - Computation of net wealth of the firm or association and its allocation amongst the partners or members.—The net wealth

Frequently asked questions

What is the Wealth Tax Act, 1957?

The Wealth Tax Act, 1957, is Central state legislation available in full text on SooperKanoon. It is commonly used for legal research alongside judgments that interpret and apply its provisions.

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