Act Info:Preamble1 - WEALTH-TAX ACT, 1957
Chapter I
Section1 - Short title, extent and commencement
Section2 - Definitions
Chapter II
Section3 - Charge of wealth-tax
Section4 - Net wealth to include certain assets
Section5 - Exemptions in respect of certain assets
Section6 - Exclusion of assets and debts outside India
Section7 - Value of assets how to be determined
Chapter III
Section8 - Wealth-tax authorities and their jurisdiction
Section9 - Control of wealth-tax authorities
Section10 - Instructions to subordinate authorities
Section11 - Jurisdiction of Assessing Officers and power to transfer cases
Section12A - Appointment of Valuation Officers
Section13A - Powers of [Director-General or Director],[Chief Commissioner or Commissioner] and [Joint Commissioner] to make enquiries
Chapter IV
Section14 - Return of Wealth
Section15 - Return after due date and amendment of return
Section15A - Return by whom to be signed
Section15B - Self-assessment
Section16 - Assessment
Section16A - Reference to Valuation Officer
Section17 - Wealth escaping assessment
Section17A - Time-limit for completion of assessment and reassessment
Section17B - Interest for defaults in furnishing return of net wealth
Section18 - Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc.
Section18A - Penalty for failure to answer questions, sign statements, furnish information, allow inspections, etc.
Section18B - Power to reduce or waive penalty in certain cases
Section18BA - Power of Commissioner to grant immunity from penalty
ChapterIVA - SPECIAL PROVISION FOR AVOIDING REPETITIVE APPEALS
Section18C - Procedure when assessee claims identical question of law is pending before High Court or Supreme Court
Chapter V
Section19 - Tax of deceased person payable by legal representative
Section19A - Assessment in the case of executors
Section20 - Assessment after partition of a Hindu Undivided Family
Section20A - Assessment after partial partition of a, Hindu Undivided Family
Section21 - Assessment when assets are held by courts of wards, administrators-general, etc.
Section21A - Assessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes
Section21AA - Assessment when assets are held by certain associations of persons
Section22 - Assessment of persons residing outside India
ChapterVA - SETTLEMENT OF CASES
Section22A - Definitions
Section22B - Wealth-tax Settlement Commission
Section22BA - Jurisdiction and powers of Settlement Commission
Section22BB - Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances
Section22BC - Power of Chairman to transfer cases from one Bench to another
Section22BD - Decision to be by majority
Section22C - Application for settlement of cases
Section22D - Procedure on receipt of an application under section 22C
Section22DD - Power of Settlement Commission to order provisional attachment to protect revenue
Section22E - Power of Settlement Commission to re-open completed proceedings
Section22F - Powers and procedure of Settlement Commission
Section22G - Inspection, etc., of reports
Section22H - Powers of Settlement Commission to grant Immunity from prosecution
Section22HA - Abatement of the proceeding before Settlement Commission
Section22HAA - Credit for tax paid in case of abatement of proceedings
Section22I - Order of Settlement to be conclusive
Section22J - Recovery of sums due under order of settlement
Section22K - Bar on subsequent application for settlement
Section22L - Proceedings before Settlement Commission to be judicial proceedings
Section22M - [Omitted]
Chapter VI
Section23 - Appeal to the [Deputy Commissioner (Appeals)] from orders of [Assessing Officer
Section23A - Appealable orders before Commissioner (Appeals)
Section24 - Appeal to the Appellate Tribunal from orders of the [Joint Commissioner (Appeals)
Section25 - Powers of Commissioner to revise orders of subordinate authorities
Section26 - Appeal to the Appellate Tribunal from orders of enhancement by Chief Commissioners or Commissioners
Section27 - Reference of High Court
Section27A - Appeal to High Court
Section28 - Hearing by High Court
Section29 - Appeal to Supreme Court
Section29A - Tax to be paid notwithstanding reference, etc
Section29B - Definition of High Court
Chapter VII
Section30 - Notice of demand
Section31 - When tax, etc., payable and when assessee deemed in default
Section32 - Mode of recovery
Section33 - Liability of transferees of properties in certain cases
ChapterVIIA - REFUNDS
Section34A - Refunds
ChapterVIIB - REGISTERED VALUERS
Section34AA - Appearance by registered valuers
Section34AB - Registration of valuers
Section34AC - Restrictions on practice as registered valuer
Section34ACC - Furnishing of particulars in certain case
Section34AD - Removal from register of names of valuers and restoration
Section34AE - Existing registered valuers to apply afresh
Chapter VIII
Section34B - Transfers to defraud revenue to be void
Section34C - Provisional attachment to protect revenue in certain cases
Section35 - Rectification of mistakes
Section35A - Wilful attempt to evade tax, etc.
Section35B - Failure to furnish returns of net wealth
Section35C - Failure to produce accounts, records, etc.
Section35D - False statement in verification, etc., made under certain provisions of the Act
Section35E - False statement in verification mentioned in section 34AB
Section35EE - Failure to furnish particulars under section 34ACC
Section35EEE - Contravention of order made under second proviso to subsection (1) or sub-section (3A) of section 37A
Section35F - Abetment of false return, etc.
Section35G - Punishment for second and subsequent offences
Section35GA - Power of Commissioner to grant immunity from prosecution
Section35H - Offences by Hindu Undivided Families
Section35HA - Offences by companies
Section35I - Prosecutions to be with the previous sanction of certain wealth-tax authorities and their power to compound offences
Section35J - Certain offences to be non-cognizable
Section35K - Bar on prosecutions and on inadmissibility of evidence in certain circumstances
Section35L - Jurisdiction of courts
Section35M - Section 360 of the Code of Criminal Procedure, 1973 and the Probation of Offenders Act, 1958, not to apply
Section35N - Presumption as to books of account, etc., in certain cases
Section35O - Presumption as to culpable mental state
Section36 - Proof of entries in records or documents
Section36A - Power to tender immunity from prosecution
Section37 - Power to take evidence on oath, etc.
Section37A - Power of search and seizure
Section37B - Power to requisition books of account, etc.
Section37C - Application of retained assets
Section38 - Information, returns and statements
Section38A - Powers of Valuation Officer, etc.
Section39 - Effect of transfer of authorities on pending proceedings
Section40 - Computation of periods of limitation
Section41 - Service of notice
Section42 - Notice deemed to be valid in certain circumstances
Section42A - Publication of information respecting assessees
Section42B - Disclosure of information respecting assessees
Section42C - Return of wealth, etc. not to be invalid on certain grounds
Section42D - Presumption as to assets, books of account, etc.
Section43 - Bar of jurisdiction
Section44 - Appearance before Wealth-tax authorities by authorised representatives
Section44A - Agreement for avoidance or relief of double taxation with respect to wealth-tax
Section44B - Countries with which no agreement exists
Section44C - Rounding off of net wealth
Section44D - Rounding off of tax, etc.
Section45 - Act not to apply in certain cases
Section46 - Power to make rules
Section46A - Power to make exemption, etc., in relation to certain Union Territories
Section47 - Power to remove difficulties
ScheduleI - RATES OF WEALTH TAX
ScheduleII - [OMITTED]
ScheduleIII - RULES FOR DETERMINING THE VALUE OF ASSETS