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Home Bare Acts Phrase: wealthWealth-tax Act, 1957 Chapter II
Title: Charge of Wealth-tax and Assets Subject to Such Charge
State: Central
Year: 1957
.....the value of such gift shall be liable to beincluded in computing the net wealth of the person making the gift unless heproves to the satisfaction of the 23 [Assessing Officer] that themoney has actually been delivered to the other person at the time the entrieswere made.] 24 [(6) For the purposes of this Act, theholder of an impartible estate shall be deemed to be the individual owner of allthe properties comprised in the estate.] 25 [(7) Where the assessee is amember of a co-operative society,company or other association of persons and a building or part thereof isallotted or leased tohim under a house building scheme of the society, company or association,as the case may be, the assessee shall, notwithstanding anything contained inthis Act or any other law for the time being in force, be deemed to be the ownerof such building or part and the value of such building or part shall beincluded in computing the net wealth of the assessee; and, in determining thevalue of such building or part, the value of any outstanding instalments of theamount payable under such scheme by the assessee to the society, company orassociation towards the cost of such building or part and.....
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Chapter III
Title: Wealth-tax Authorities
State: Central
Year: 1957
..... 1[12A. Appointment of Valuation Officers (1) The Central Government may appoint as many Valuation Officers as it thinks fit. (2) Subject to the rules and orders of the Central Government regulating the conditions of service of persons in public services and posts, a wealth-tax authority may appoint as many overseers, surveyors and assessors as may be necessary to assist the Valuation Officers in the performance of their functions.] 2[*****] ________________________ 1. Inserted by Act 45 of 1972, Section 9 w.e.f. 15-11-1972. 2. Section 13 omitted by Act 4 of 1988, Section 132 w.e.f. 1-4-1965. Section 13A - Powers of [Director-General or Director],[Chief Commissioner or Commissioner] and [Joint Commissioner] to make enquiries 1[13A. Powers of2[Director-General or Director],3[Chief Commissioner or Commissioner] and4[Joint Commissioner] to make enquiries The2[Director-General or Director], the5[Chief Commissioner or Commissioner]and the6[Joint Commissioner] shall be competent to make any enquiry under this Act, and for this purpose shall have all the powers that7[an Assessing Officer] has under this Act in relation to the making of enquiries] .....
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 4
Title: Net Wealth to Include Certain Assets
State: Central
Year: 1957
.....the value of such gift shall be liable to beincluded in computing the net wealth of the person making the gift unless heproves to the satisfaction of the 23 [Assessing Officer] that themoney has actually been delivered to the other person at the time the entrieswere made.] 24 [(6) For the purposes of this Act, theholder of an impartible estate shall be deemed to be the individual owner of allthe properties comprised in the estate.] 25 [(7) Where the assessee is amember of a co-operative society,company or other association of persons and a building or part thereof isallotted or leased tohim under a house building scheme of the society, company or association,as the case may be, the assessee shall, notwithstanding anything contained inthis Act or any other law for the time being in force, be deemed to be the ownerof such building or part and the value of such building or part shall beincluded in computing the net wealth of the assessee; and, in determining thevalue of such building or part, the value of any outstanding instalments of theamount payable under such scheme by the assessee to the society, company orassociation towards the cost of such building or part and.....
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Section 17
Title: Wealth Escaping Assessment
State: Central
Year: 1957
.....or section 15 or in response to a notice issued under sub-section (4) of section 16 or this section or to disclose fully and truly all material facts necessary for his assessment for that assessment year: 4 [Provided further that the Assessing Officer shall, before issuing any notice under this sub-section, record his reasons for doing so.] 10[Provided also that the Assessing Officer may assess or reassess such net wealth, other than the net wealth which is the subject matter of any appeal, reference or revision, which is chargeable to tax and has escaped assessment.] Explanation.- Production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by the Assessing Officer will not necessarily amount to disclosure within the meaning of the foregoing proviso.] (1A) No notice under sub-section (1) shall be issued for the relevant assessment year, - 5 [(a) if four years have elapsed from the end of the relevant assessment year, unless the case falls under clause (b); (b) if four years, but not more than six years, have elapsed from the end of the relevant assessment year, unless.....
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Complete Act
Title: Wealth-tax Act, 1957
State: Central
Year: 1957
..... 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 -.....
List Judgments citing this sectionWealth-tax Act, 1957 Section 17B
Title: Interest for Defaults in Furnishing Return of Net Wealth
State: Central
Year: 1957
.....as determined 7 [undersub-section (1)of 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.....
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Chapter VII
Title: Payment and Recovery of Wealth-tax
State: Central
Year: 1957
.....for "one and one-fourth per cent." by The Taxation Laws (Amendment) Act, 2003 (54 of 2003) w.e.f 08.09.2003 7.Inserted by The Finance Act, 2000, section 74 w.e.f. 1-6-2000. 8.Inserted by Act 4 of 1988, section 148(b)(ii) w.e.f. 1-4-1989. 9.Inserted by Act 4 of 1988, section 148(b)(iii) w.e.f. 1-4-1989. 10.Inserted by Act 67 of 1984, section 66(b) w.e.f. 1-10-1984. 11.Substituted by Act 4 of 1988, section 88(a)(i), for "the Board may" w.e.f. 1-4-1987. 12.Substituted by Act 11 of 1987, section 127, for "Commissioner" w.e.f. 1-4-1988. 13.Substituted by Act 11 of 1987, section 88(A)(ii), for "interest payable by an assessee" w.r.e.f. 1-10-1984. 14.Substituted by Act 11 of 1987, section 88(a)(iii), for certain words w.e.f. 1-4-1987. 15.Substituted by Act 11 of 1987, section 88(b), for clauses (i) and (ii) w.e.f. 1-10-1984. 16.Substituted by Act 4 of 1988, section 127, for "Wealth-tax Officer" w.e.f. 1-4-1988. 17.Inserted by the Finance Act, 2000, section 74 w.e.f. 1-6-2000. Section 32 - Mode of recovery 1[32. Mode of recovery. - The provisions contained in1[sections 221 to 227, 228A], 229, 231 and 232 of the Income-tax Act and the Second and.....
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 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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