Title : Information, Returns and Statements
State : Central
Year : 1957
38 : Information, returns and statements 1 [Where, for the purposes of this Act], it appears necessary for 2 [any wealth-tax authority] to obtain any statement or information from any individual, company 3 [(including a banking company)], firm, Hindu undivided family or other person, 2 [such wealth-tax authority]may serve a notice requiring such individual, company, firm, Hindu undivided family or other person, on or before a date to be therein specified, to furnish such statement or information on the points specified in the notice, and the individual or the principal officer concerned or the manager of the Hindu undivided family, as the case may be, shall notwithstanding anything in any law to the contrary, be bound to furnish such statement or information to 4 [such wealth-tax..... View Complete Act List Judgments citing this sectionTitle : Return of Wealth, Etc. Not to Be Invalid on Certain Grounds
State : Central
Year : 1957
1[42C. Return of wealth, etc. not to be invalid on certain grounds No return of wealth, assessment, notice, summons or other proceeding furnished or made or issued or taken or purported to have been furnished or made or issued or taken in pursuance of any of the provisions of this Act shall be invalid or shall be deemed to be invalid merely by reason of any mistake, defect or omission in such return of wealth, assessment, notice, summons or other proceeding if such return of wealth, assessment, notice, summons or other proceeding is in substance and effect in conformity with or according to the intent and purpose of this Act.] ________________________ 1. Inserted by Act 41 of 1975, section 104 w.e.f. 1-10-1975. View Complete Act List Judgments citing this sectionTitle : Agreement for Avoidance or Relief of Double Taxation with Respect to Wealth-tax
State : Central
Year : 1957
1[44A. Agreement for avoidance or relief of double taxation with respect to wealth-tax 2[The Central Government may enter into an agreement with the Government of any reciprocating country- (a) for the avoidance or relief of double taxation with respect to wealth-tax payable under this Act and under the corresponding law in force in the reciprocating country, or (b) for exchange of information for the prevention of evasion or avoidance of wealth-tax chargeable under this Act, or under the corresponding law in force in that country or investigation of cases of such evasion or avoidance, or (c) for recovery of tax under this Act and under the corresponding law in force in that country, and may, by notification in the Official Gazette, make such provision as may be necessary for..... View Complete Act List Judgments citing this sectionTitle : Definitions
State : Central
Year : 1957
In this Act, unless the context otherwise requires, - 1[*****] 2[(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 has been taken for the determination of wealth-tax payable by him or by any other person or the amount of refund due to him or such other person; (ii) every person who is deemed to be an assessee under this Act; (iii) every person who is deemed to be an assessee in default under this Act; 3[(ca) "Assessing Officer" means the Deputy Commissioner of Income-tax or the Assistant Commissioner or the Income-tax Officer who is..... View Complete Act List Judgments citing this sectionTitle : Charge of Wealth-tax
State : Central
Year : 1957
1[1] 2[Subject to the other provisions (including provisions for the levy of additional wealth-tax) contained in this Act], there shall be charged for every3[assessment year] commencing on and from the first day of April, 19574[but before the 1 st day of April, 1993 ], a tax (he reinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company5[at the rate or rates specified in Schedule I]. 6[(2) Subject to the other provisions contained in this Act, there shall be charged for every assessment year commencing on and from the 1 st day of April, 1993 , wealth-tax in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company, at the rate..... View Complete Act List Judgments citing this sectionTitle : Wealth Escaping Assessment
State : Central
Year : 1957
17.Wealth escaping assessment 1 [(1)If the Assessing Officer 2 [has reason to believe] that the net wealth chargeable to tax in respect of which any person is assessable under this Act has escaped assessment for any assessment 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..... View Complete Act List Judgments citing this sectionTitle : Interest for Defaults in Furnishing Return of Net Wealth
State : Central
Year : 1957
1 [17B.Interest for defaults in furnishing return of net wealth (1) Where the return of netwealth for any assessment year under sub-section (1) of section14 or section15, or in response to a noticeunder clause (i) of sub-section (4) of section16, is furnished after the due date, or is not furnished, the assesses shall beliable to pay simple interest at the rate of 2 [oneper cent] two per cent, forevery month or part of a month comprised in the period commencing on the dateimmediately following the due date, and,- (a)where the return is furnished after the due date, ending on the date offurnishing of the return, or (b)where no return has been furnished, ending on the date of completion of theassessment under sub-section (5)of section 16, on theamount of tax payable on the net..... View Complete Act List Judgments citing this sectionTitle : Penalty for Failure to Furnish Returns, to Comply with Notices and Concealment of Assets, Etc.
State : Central
Year : 1957
1 [18.Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc. (1) If the 2 [Assessing Officer], 3 [Joint Commissioner (Appeals)], 4 [Commissioner (Appeals),]5 [Chief Commissioner or Commissioner] or Appellate Tribunal in the course of any proceedings under this Act is satisfied that any person - 6 (a)[*****] (b) has 7 [*****] failed to comply with a notice under sub-section(2) or sub-section (4) of section 16; or (c) has concealed the particulars of any assets or furnished inaccurate particulars of any assets or debts; he or it may, by order in writing, direct that such person shall pay by way of penalty- (i)8 [*****] 9 [(ii) in the cases referred to in clause (b), in addition to the amount of wealth-tax payable by him, a sum..... View Complete Act List Judgments citing this sectionTitle : Penalty for Failure to Answer Questions, Sign Statements, Furnish Information, Allow Inspections, Etc.
State : Central
Year : 1957
1 [18AA. Penalty for failure to answerquestions, sign statements, furnish information, allow inspections, etc.- (1) If any person, - (a)being legally bound to state the truth of any matter touching the subject of hisassessment, refuses to answer any question put to him by a wealth-tax authority in the exerciseof hispowers under this Act; or (b)refuses to sign any statement made by him in the course of any proceedings underthis Act, which a wealth-tax authority may legally requirehim to sign; or (c)to whom a summons is issued under sub-section (1) of section 37 either to attend to give evidence or produce books ofaccount or other documents at a certain place and time, omits to attend orproduce the books of account or documents at the place and time,heshall pay, by way of penalty,..... View Complete Act List Judgments citing this sectionTitle : Power to Tender Immunity from Prosecution
State : Central
Year : 1957
1[36A. Power to tender immunity from prosecution (1) The Central Government may, if it is of opinion (the reasons for such opinion being recorded in writing) that with a view to obtaining the evidence of any person appearing to have been directly or indirectly concerned in or privy to the concealment of particulars of net wealth or to the evasion of payment of tax on net wealth, it is necessary or expedient so to do, tender to such person immunity from prosecution for any offence under this Act or under the Indian Penal Code (45 of 1860) or under any other Central Act for the time being in force and also from the imposition of any penalty under this Act on condition of his making a full and true disclosure of the whole circumstances relating to the concealment of particulars of net..... View Complete Act List Judgments citing this section