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Start Free TrialWealth-tax Act, 1957 Section 4
Title: Net Wealth to Include Certain Assets
State: Central
Year: 1957
.....in sub-clause (ii) shall apply in respect of suchassets as have been acquired by the minor child out of his income referred to in the proviso tosub-section (1A)of section 64of the Income-tax Act and which are held by him on the valuation date: Providedalso that where the assets held by a minor child are to be included in computingthe net wealth of an individual, such assets shall be included,- (a) where the marriage ofhis parents subsists, in the netwealth of that parent whose net wealth excluding the assets of the minor childso includible under this sub-section) is greater; or (b) where the marriage ofhis parents does not subsist, in thenet wealth of that parent who maintains the minor child in the previous year asdefined in section 3of the Income-tax Act, andwhere any such assets are once included in the net wealth of either parent, anysuch assets shall not be included in the net wealth of the other parent in anysucceeding year unless the Assessing Officer is satisfied, after giving thatparent an opportunity of being heard, that it is necessary so to do.] 1 [(b)of an assessee who is a partner in a firm or a member of an association of persons (notbeing a co-operative.....
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Section 17B
Title: Interest for Defaults in Furnishing Return of Net Wealth
State: Central
Year: 1957
.....section 16 or]on the basis of the earlier assessment aforesaid. 8 [*****] (4)Where, as a result of an order under section 23or section 24or section25or section 27or section 29or section 35or any order of the Wealth-tax Settlement Commissioner under sub-section (4)of section 22D,the amount of tax on which interest was payable under this section has beenincreased or reduced, as the case may be, the interest shall be increased orreduced accordingly, and, - (i) in a case where the interest is increased,the Assessing Officer shall serve on the assessee a notice of demand in theprescribed form specifying the sum payable, and such notice of demand shall bedeemed to be a notice under section 30and the provisions of this Act shall apply accordingly, and (ii)in a case where the interest is reduced, the excess interest paid, if any, shallbe refunded. (5)The provisions of this section shall apply in respect of assessments for theassessment year commencing on the 1stday of April, 1989and subsequent assessment years.] ___________________________ 1.Inserted by Act 4 of 1988, Section 141 w.e.f. 1-4-1989. 2.Substitutedfor "one and one-fourth" by TheTaxation Laws (Amendment).....
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Section 35B
Title: Failure to Furnish Returns of Net Wealth
State: Central
Year: 1957
.....to furnish in due time the return of his net wealth which he is required to furnish under sub-section (1) of section 14 or by notice given under sub-section (2) of section 14 or under sub-section (1) of section 17, he shall be punishable; (i) in a case where the amount of tax, which would have been evaded if the failure had not been discovered, exceeds one hundred thousand rupees, with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine; (ii) in any other case, with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and with fine: Provided that a person shall not be proceeded against under this section for failure to furnish in due time the return of net wealth under sub-section (1) of section 14 (i) for any assessment year commencing prior to the 1st day of April, 1975; or (ii) for any assessment year commencing on or after the 1st day of April, 1975, if (a) the return is furnished by him before the expiry of the assessment year; or (b) the tax payable by him on his net wealth determined on regular assessment does not exceed three.....
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Section 44C
Title: Rounding off of Net Wealth
State: Central
Year: 1957
1[44C. Rounding off of net wealth The amount of net wealth computed in accordance with the foregoing provisions of this Act shall be rounded off to the nearest multiple of one hundred rupees and, for this purpose, any part of a rupee consisting of paise shall be ignored and thereafter, if such amount contains a part of one hundred rupees, then, if such part is fifty rupees or more, the amount shall be increased to the next higher amount which is a multiple of one hundred and, if such part is less than fifty rupees, the amount shall be reduced to the next lower amount which is a multiple of one hundred; and the amount so rounded off shall be deemed to be the net wealth of the assessee for the purposes of this Act. ________________________ 1. Sections 44C and 44D inserted by Act 42 of 1970, section 65 w.e.f. 1-4-1971.
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Chapter II
Title: Charge of Wealth-tax and Assets Subject to Such Charge
State: Central
Year: 1957
.....Act 18 of 1992, Section 90 w.e.f. 1-4-1993. 2. Substituted by Act 4 of 1988, Section 129, for "subject to the other provisions contained in this Act" w.e.f. 1-4-1989. 3. Substituted by Act 46 of 1964, Section 3, for "Financial year" w.e.f. 1-4-1965. 4. Inserted by Act 18 of 1992, Section 90 (a) w.e.f. 1-4-1993. 5. Substituted by Act 66 of 1976, Section 27(!), for "at the rate or rates specified in the schedule" w.e.f. 1-4-1977. 6. Inserted by Act 18 of 1992, Section 90(b) w.e.f. 1-4-1993. 7. Inserted by the Finance (No. 2) Act, 2009 w.e.f. 1st April, 2010. Section 4 - Net wealth to include certain assets (1) 1 [In computing the netwealth- (a)ofan individual, there shall be included, as belonging to that individual, thevalue of assets which on the valuation date are held -] 2 [(i)by the spouse of such individual to whom such assets have been transferred bythe individual, directly or indirectly, otherwise than for adequateconsideration or in connectionwith an agreement to live apart, or (ii)by a minor child, not being3 [a minor child suffering from anydisability of the nature specified in section 80U of the Income-tax Act or] a married.....
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Schedule I
Title: Rates of Wealth Tax
State: Central
Year: 1957
.....of such wealth-tax.] 5 [*****] 6 [*****] 7 [*****] 8 [*****] ________________________ 1. Schedule numbered as Schedule I by Act 66 of 1976, section 27(6) w.e.f. 1-4-1977. 2. Substituted by Act 18 of 1992, section 100(a), for "[see section 3" w.e.f. 1-4-1993. 3. Substituted by Act 32 of 1985, section 40 w.e.f. 1-4-1986. Earlier Part I was substituted by Act 21 of 1979, section 26 w.e.f. 1-4-1980 and was amended by Act 44 of 1980, section 41(a), Section 41(b)(i) and section 41(b)(ii) w.e.f. 1-4-1980. 4. Inserted by Act 26 of 1988, section 66 w.e.f. 1-4-1988. 5. Part II omitted by Act 18 of 1992, section 100(b) w.e.f. 1-4-1993. 6. Rule 1 omitted by Act 18 of 1992, section 100(c) w.e.f. 1-4-1993. 7. Rule 2 omitted by Act 19 of 1970, section 26(f) (ii) w.r.e.f. 1-4-1969. 8. Rules 3, 4 and 5 omitted by Act 18 of 1992, section 100(c) w.e.f. 1-4-1993.
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Section 17
Title: Wealth Escaping Assessment
State: Central
Year: 1957
.....year (whether by reason of under-assessment or assessment at too low a rate or otherwise], he may, subject to the other provisions of this section and section 17A, serve on such person a notice requiring him to furnish within such period, 3 [***], as maybe specified in the notice, a return in the prescribed form and verified in the prescribed manner setting forth the net wealth in respect of which such person is assessable as on the valuation date mentioned in the notice, along with such other particulars as may be required by the notice, and may proceed to assess or reassess such net wealth and also any other net wealth chargeable to tax in respect of which such person is assessable, which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section for the assessment year concerned (hereafter in this section referred to as the relevant assessment year), and the provisions of this Act shall, so far as maybe, apply as if the return were a return required to be furnished under section14: Provided that where an assessment under sub-section (3) of section 16 or this section has been made, for the relevant.....
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Section 14
Title: Return of Wealth
State: Central
Year: 1957
.....in relation to an assessee under this Act shall be the same date as that applicable to an assessee under the Income-tax Act under the Explanation to sub-section ( 1 ) of section 139 of the Income-tax Act. (2) Notwithstanding anything contained in any other provision of this Act, a return of net wealth which shows the net wealth below the maximum amount which is not chargeable to tax shall be deemed never to have been furnished: Provided that this sub-section shall not apply to a return furnished in response to a notice under section 17.] 2[***** ] ________________________ 1. Substituted by Act 4 of 1988, Section 133(a) w.e.f. 1-4-1989. 2. Sub-section (3) omitted by Act 4 of 1988, Section 133 (b) w.e.f. 1-4-1989.
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Complete Act
Title: Wealth-tax Act, 1957
State: Central
Year: 1957
.....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.....
List Judgments citing this sectionWealth-tax Act, 1957 Section 3
Title: Charge of Wealth-tax
State: Central
Year: 1957
..... 7[Provided that in the case of every assessment year commencing on and from the 1st day of April, 2010, the provisions of this section shall have effect as if for the words fifteen lakh rupees, the words thirty lakh rupees had been substituted.] ________________________ 1. Section 3 renumbered as sub-section (1) thereof by Act 18 of 1992, Section 90 w.e.f. 1-4-1993. 2. Substituted by Act 4 of 1988, Section 129, for "subject to the other provisions contained in this Act" w.e.f. 1-4-1989. 3. Substituted by Act 46 of 1964, Section 3, for "Financial year" w.e.f. 1-4-1965. 4. Inserted by Act 18 of 1992, Section 90 (a) w.e.f. 1-4-1993. 5. Substituted by Act 66 of 1976, Section 27(!), for "at the rate or rates specified in the schedule" w.e.f. 1-4-1977. 6. Inserted by Act 18 of 1992, Section 90(b) w.e.f. 1-4-1993. 7. Inserted by the Finance (No. 2) Act, 2009 w.e.f. 1st April, 2010.
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