Title : Failure to Furnish Returns of Net Wealth
State : Central
Year : 1957
If a person wilfully fails 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..... View Complete Act List Judgments citing this sectionState : Central
Year : 1957
WEALTH TAX ACT, 1957 WEALTH TAX ACT, 1957 27 of 1957 An Act to provide for the levy of wealth-tax BE it enacted by Parliament in the Eighth Year of the Republic of India as follows:- SECTION 01: SHORT TITLE, EXTENT AND COMMENCEMENT (1) This Act may be called the Wealth-tax Act, 1957. (2) It extends to the whole of India. (3) It shall be deemed to have come into force on the 1st day of April, 1957. SECTION 02: DEFINITIONS In this Act, unless the context otherwise requires,- (a)2[***] 3[(b) "Appellate Tribunal" means the Appellate Tribunal constituted under section 252 of the Income-tax Act; (c) "assessee" means a person by whom wealth-tax or any other sum of money is payable under this Act, and includes- (i) every person in respect of whom any proceeding under this Act..... List Judgments citing this sectionTitle : Wealth-tax Act, 1957
State : Central
Year : 1957
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 ..... List Judgments citing this sectionTitle : Inspection, Etc., of Reports
State : Central
Year : 1957
No person shall be entitled to inspect, or obtain copies of, any reports made by any Wealth-tax Authority to the Settlement Commission; but the Settlement Commission may, in its discretion, furnish copies thereof to any such person on an application made to it in this behalf and on payment of the prescribed fee: Provided that, for the purpose of enabling any person whose case is under consideration to rebut any evidence brought on the record against him in any such report, the Settlement Commission shall, on an application made in this behalf and on payment of the prescribed fee by such person, furnish him with a certified copy of any such report or part thereof relevant for the purpose. View Complete Act List Judgments citing this sectionTitle : Assessment After Partition of a Hindu Undivided Family
State : Central
Year : 1957
(1) Where at the time of making an assessment, it is brought to the notice of the 3[Assessing Officer] that a partition has taken place among the members of a Hindu undivided family, and the 3[Assessing Officer], after inquiry, is satisfied that the joint family property has been partitioned as a whole among the various members or group of members in definite portions, he shall record an order to that effect and shall make assessment on the net wealth of the undivided family as such for the assessment year or years, including the year relevant to the previous year in which the partition has taken place, if the partition has taken place on the last day of the previous year and each member or group of members shall be liable jointly and severally for the tax assessed on the net wealth of..... View Complete Act List Judgments citing this sectionTitle : Countries with Which No Agreement Exists
State : Central
Year : 1957
1[44B. Countries with which no agreement exists Where the net wealth of any assessee includes any foreign wealth and he proves that, in respect of such foreign wealth, he has paid in any country, with which there is no reciprocal arrangement under section 44A for the relief or avoidance of double taxation, a tax in respect of wealth, under the law in force in that country, he shall be entitled to the deduction from the Indian wealth-tax payable by him of a sum calculated on such doubly taxed foreign wealth at the Indian rate of tax or the rate of tax of the said country, whichever is the lower, or at the Indian rate of tax if both the rates are equal. Explanation. -In this section- (1) the expression "Indian wealth-tax" means wealth-tax charged in accordance with the provisions of..... View Complete Act List Judgments citing this sectionTitle : Short Title, Extent and Commencement
State : Central
Year : 1957
(1) This Act may be called the Wealth-Tax Act, 1957. (2) It extends to the whole of India. (3) It shall be deemed to have come into force on the 1st day of April, 1957. View Complete Act List Judgments citing this sectionTitle : Abetment of False Return, Etc.
State : Central
Year : 1957
If a person abets or induces in any manner another person to make and deliver an account, statement or declaration relating to any net wealth chargeable to tax which is false and which he either knows to be false or does not believe to be true or to commit an offence under sub-section (1) of section 35A, he shall be punishable, (i) in a case where the amount of tax, penalty or interest, which would have been evaded, if the declaration, account or statement had been accepted as true, or which is wilfully attempted to be evaded, 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..... View Complete Act List Judgments citing this sectionTitle : Rounding off of Tax, Etc.
State : Central
Year : 1957
The amount of wealth-tax, interest, penalty, fine or any other sum payable, and the amount of refund due, under the provisions of this Act, shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee consisting of paise, then, if such part is fifty paise or more, it shall be increased to one rupee, and if such part is less than fifty paise, it shall be ignored.] View Complete Act List Judgments citing this sectionTitle : Tax of Deceased Person Payable by Legal Representative
State : Central
Year : 1957
( 1 ) Where a person dies, hi s executor, administrator or other legal representative shall be liable to pay out of the estate of the deceased person, to the extent to which the estate is capable of me eting the charge, the wealth-tax assessed as payable by such person, or any sum, which would have been payable by hi m under this Act if he had not died. ( 2 ) Where a person dies without having furnished a return under the provisions of section 14 or after having furnished a return which the1[Assessing Officer] has reason to believe to be incorrect or incomplete, the1[Assessing Officer]may make an assessment of the net wealth of such person and determine the wealth-tax payable by the person on the basis of such assessment, and for this purpose may, by the issue of the appropriate..... View Complete Act List Judgments citing this section