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WEALTH TAX ACT, 1957 Section - 1 Short title, extent and commencement 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 - 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 - 15C Provisional 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 - 18B Power to reduce or waive penalty in certain cases Section - 18BA Power of Commissioner to grant immunity from penalty 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 - 21AA Assessment when assets are held by certain associations of persons Section - 22 Assessment of persons residing outside India Section - 22A Definitions Section - 22BA Jurisdiction and powers of Settlement Commission 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 - 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 - 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 - 31 When tax, etc., payable and when assessee deemed in default Section - 33 Liability of transferees of properties in certain cases Section - 34 Restrictions on registration of transfers of immovable property in certain cases 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 - 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 - 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 - 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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