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WEALTH TAX ACT, 1957

Section - 1 Short title, extent and commencement

Section - 2 Definitions

Section - 3 Charge of wealth-tax

Section - 4 Net wealth to include certain assets

Section - 5 Exemptions in respect of certain assets

Section - 6 Exclusion of assets and debts outside India

Section - 7 Value of assets, how to be determined

Section - 8 Wealth-tax authorities and their jurisdiction

Section - 8A Powers of Commissioner respecting specified areas, cases, persons, etc

Section - 8AA Concurrent jurisdiction of Inspecting Assistant Commissioner and Wealth-tax Officer

Section - 8B Power to transfer cases

Section - 9 Control of wealth-tax authorities

Section - 9A Commissioners of Wealth-tax (Appeals)

Section - 10 Instructions to subordinate authorities

Section - 10A Directors of Inspection

Section - 11 Jurisdiction of Assessing Officers and power to transfer cases

Section - 11A Inspector of Wealth-tax

Section - 11AA Commissioner competent to perform any function or functions

Section - 11B Wealth-tax Officer competent to perform any function or functions

Section - 12 Control of wealth-tax authorities

Section - 12A Appointment of Valuation Officers

Section - 13 Wealth-tax authorities to follow orders, etc., of the Board

Section - 13A 51[Powers of 52[Director-General or Director], 53[Chief Commissioner or Commissioner] and 54[Joint Commissioner] to make enquiries.

Section - 14 Return of wealth

Section - 14A Power of Board to dispense with furnishing documents, etc., with return of wealth

Section - 14B Filing of return in electronic form

Section - 15 Return after due date and amendment of return

Section - 15A Return by whom to be signed

Section - 15B Self-assessment

Section - 15C Provisional assessment

Section - 16 Assessment

Section - 16A Reference to Valuation Officer

Section - 17 Wealth escaping assessment

Section - 17A Time limit for completion of assessment and reassessment

Section - 17B Interest for defaults in furnishing return of net wealth

Section - 18 Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc

Section - 18A Penalty for failure to answer questions, sign statements, furnish information, allow inspection, etc

Section - 18B Power to reduce or waive penalty in certain cases

Section - 18BA Power of Commissioner to grant immunity from penalty
Section - 18C Procedure when assessee claims identical question of law is pending before High Court or Supreme Court

Section - 18D Additional wealth-tax

Section - 19 Tax of deceased person payable by legal representative

Section - 19A Assessment in the case of executors

Section - 20 Assessment after partition of a Hindu undivided family

Section - 20A Assessment after partial partition of a Hindu undivided family

Section - 21 Assessment when assets are held by courts of wards, administrators-general, etc

Section - 21A Assessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes

Section - 21AA Assessment when assets are held by certain associations of persons

Section - 22 Assessment of persons residing outside India

Section - 22A Definitions
Section - 22B Wealth-tax Settlement Commission

Section - 22BA Jurisdiction and powers of Settlement Commission

Section - 22BB Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances

Section - 22BC Power of Chairman to transfer cases from one Bench to another

Section - 22BD Decision to be by majority

Section - 22C Application for settlement of cases

Section - 22D Procedure on receipt of an application under

Section - 22DD Power of Settlement Commission to order provisional attachment to protect revenue

Section - 22E Power of Settlement Commission to reopen completed proceedings

Section - 22F Powers and procedure of Settlement Commission

Section - 22G Inspection, etc., of reports

Section - 22H Powers of Settlement Commission to grant immunity from prosecution

Section - 22HA Abatement of proceedings before Settlement Commission

Section - 22HAA Credit for tax paid in case of abatement of proceedings

Section - 22I Order of settlement to be conclusive

Section - 22J Recovery of sums due under order of settlement

Section - 22K Bar on subsequent application for settlement

Section - 22L Proceedings before the Settlement Commission to be judicial proceedings

Section - 22M Certain persons who have filed appeals to the Appellate Tribunal entitled to make applications to the Settlement Commission

Section - 23 Appeal to the93[Deputy Commissioner (Appeals)] from orders of 94[Assessing Officer]

Section - 23A Appealable orders before Commissioner (Appeals)

Section - 24 Appeal to the Appellate Tribunal from orders of the 33[Deputy Commissioner (Appeals).]

Section - 25 Powers of Commissioner to revise orders of subordinate authorities

Section - 26 Appeal to the Appellate Tribunal from orders of enhancement by72[Chief Commissioners or Commissioners]

Section - 27 Reference to High Court

Section - 27A Appeal to High Court

Section - 28 Hearing by High Court

Section - 29 Appeal to Supreme Court

Section - 29A Tax to be paid notwithstanding reference, etc

Section - 29B Definition of High Court

Section - 30 Notice of demand

Section - 31 When tax, etc., payable and when assessee deemed in default

Section - 32 Mode of recovery

Section - 33 Liability of transferees of properties in certain cases

Section - 34 Restrictions on registration of transfers of immovable property in certain cases

Section - 34A Refunds

Section - 34AA Appearance by registered valuers

Section - 34AB Registration of valuers

Section - 34AC Restrictions on practice as registered valuer

Section - 34ACC Furnishing of particulars in certain cases

Section - 34AD Removal from register of names of valuers and restoration

Section - 34AE Existing registered valuers to apply afresh

Section - 34B Transfers to defraud revenue to be void

Section - 34C Provisional attachment to protect revenue in certain cases

Section - 35 Rectification of mistakes

Section - 35A Wilful attempt to evade tax, etc

Section - 35B Failure to furnish returns of net wealth

Section - 35C Failure to produce accounts, records, etc.

Section - 35D False statement in verification, etc., made under certain provisions of the Act.

Section - 35E False statement in verification mentioned in section 34AB.

Section - 35EE Failure to furnish particulars under section 34ACC

Section - 35EEE Contravention of order made under second proviso to sub-section (1) or sub-section (3A) of section 37A.

Section - 35F Abetment of false return, etc.

Section - 35G Punishment for second and subsequent offences.

Section - 35GA Power of Commissioner to grant immunity from prosecution.

Section - 35H Offences by Hindu undivided families.

Section - 35HA Offences by companies

Section - 35I Prosecutions to be with the previous sanction of certain wealth-tax authorities and their power to compound offences

Section - 35J Certain offences to be non-cognizable

Section - 35K Bar on prosecution and on inadmissibility of evidence in certain circumstances

Section - 35L Jurisdiction of courts

Section - 35M Section 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply

Section - 35N Presumption as to books of account, etc., in certain cases

Section - 35O Presumption as to culpable mental state

Section - 36 Proof of entries in records or documents

Section - 36A Power to tender immunity from prosecution

Section - 37 Power to take evidence on oath, etc

Section - 37A Power of search and seizure

Section - 37B Power to requisition books of account, etc

Section - 37C Application of retained assets

Section - 38 Information, returns and statements

Section - 38A Powers of Valuation Officer, etc

Section - 39 Effect of transfer of authorities on pending proceedings

Section - 40 Computation of periods of limitation

Section - 41 Service of notice

Section - 42 Notice deemed to be valid in certain circumstances

Section - 42A Publication of information respecting assessees

Section - 42B Disclosure of information respecting assessees

Section - 42C Return of wealth, etc., not to be invalid on certain grounds

Section - 42D Presumption as to assets, books of account, etc

Section - 43 Bar of jurisdiction

Section - 44 Appearance before wealth-tax authorities by authorised representatives

Section - 44A Agreement for avoidance or relief of double taxation with respect to wealth-tax

Section - 44B Countries with which no agreement exists

Section - 44C Rounding off of net wealth

Section - 44D Rounding off of tax, etc

Section - 45 Act not to apply in certain cases

Section - 46 Power to make rules

Section - 46A Power to make exemption, etc., in relation to certain Union territories

Section - 47 Power to remove difficulties

Schedule I RATES OF WEALTH-TAX

Schedule II Omitted by the Finance Act, 1992, w.e.f. 1-4-1993

Schedule III RULES FOR DETERMINING THE VALUE OF ASSETS

APPENDIX CERTAIN REMAINING PROVISIONS OF ALLIED ACTS REFERRED TO IN WEALTH-TAX ACT

Section - Annex TEXT OF SECTION 40 OF THE FINANCE ACT, 1983

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