act_rules.php?page=3627
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
Our assurance services include Statutory audit, Tax audit and Special audits. We carry out audit of financial statements prepared in accor
Enhancing a stakeholder value is a fundamental concept, which drives every management effort in the modern business environment. Progressive and bot
Managing Risk to enhance performance to truly manage risk, it is vital to enable the right frameworks. We help enhance your business perfo
