The Wealth Tax Act, 1957

Wealth-tax Act, 1957

Arrangement of Sections

[AS AMENDED BY FINANCE ACT, 2005]

SECTION

Chapter I

PRELIMINARY

1.	Short title, extent and commencement
2.	Definitions

CHAPTER II

CHARGE OF WEALTH-TAX
AND ASSETS SUBJECT TO SUCH CHARGE

3.	Charge of wealth-tax
4.	Net wealth to include certain assets
5.	Exemptions in respect of certain assets
6.	Exclusion of assets and debts outside India
7.	Value of assets, how to be determined

CHAPTER III

WEALTH-TAX AUTHORITIES

8.	Wealth-tax authorities and their jurisdiction
8A.	[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
8AA.	[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
8B.	[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
9.	Control of wealth-tax authorities
9A.	[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
10.	Instructions to subordinate authorities
10A.	[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
11.	Jurisdiction of Assessing Officers and power to transfer cases
11A.	[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
11AA.	[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
11B.	[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987,W.E.F. 1-4-1988]
12.	[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
12A.	Appointment of Valuation Officers
13.	[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
13A.	Powers of Director General or Director, Chief Commissioner or Commissioner and Joint Commissioner to make enquiries

CHAPTER IV

ASSESSMENT

14.	Return of wealth
15.	Return after due date and amendment of return
15A.	Return by whom to be signed
15B.	Self-assessment
15C.	[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]
16.	Assessment
16A.	Reference to Valuation Officer
17.	Wealth escaping assessment
17A.	Time limit for completion of assessment and reassessment
17B.	Interest for defaults in furnishing return of net wealth
18.	Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc.
18A.	Penalty for failure to answer questions, sign statements, furnish information, allow inspection, etc.
18B.	Power to reduce or waive penalty in certain cases

CHAPTER IVA

SPECIAL PROVISION FOR AVOIDING
REPETITIVE APPEALS

18C.	Procedure when assessee claims identical question of law is pending before High Court or Supreme Court

CHAPTER IVB

CHARGE OF ADDITIONAL WEALTH-TAX IN CERTAIN CASES

18D.	[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1989, W.E.F. 1-4-1989]

CHAPTER V

LIABILITY TO ASSESSMENT IN SPECIAL CASES

19.	Tax of deceased person payable by legal representative
19A.	Assessment in the case of executors
20.	Assessment after partition of a Hindu undivided family
20A.	Assessment after partial partition of a Hindu undivided family
21.	Assessment when assets are held by courts of wards, administrators-general, etc.
21A.	Assessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes
21AA.	Assessment when assets are held by certain associations of persons
22.	Assessment of persons residing outside India

CHAPTER VA

SETTLEMENT OF CASES

22A.	Definitions
22B.	Wealth-tax Settlement Commission
22BA.	Jurisdiction and powers of Settlement Commission
22BB.	Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances
22BC.	Power of Chairman to transfer cases from one Bench to another
22BD.	Decision to be by majority
22C.	Application for settlement of cases
22D.	Procedure on receipt of an application under section 22C
22DD.	Power of Settlement Commission to order provisional attachment to protect revenue
22E.	Power of Settlement Commission to reopen completed proceedings
22F.	Powers and procedure of Settlement Commission
22G.	Inspection, etc., of reports
22H.	Powers of Settlement Commission to grant immunity from prosecution
22HA.	[OMITTED BY THE FINANCE ACT, 2002, W.E.F. 1-6-2002]
22-I.	Order of settlement to be conclusive
22J.	Recovery of sums due under order of settlement
22K.	Bar on subsequent application for settlement in certain cases
22L.	Proceedings before the Settlement Commission to be judicial proceedings
22M.	[OMITTED BY THE FINANCE ACT, 1987, W.E.F. 1-6-1987]

CHAPTER VI

APPEALS, REVISIONS AND REFERENCES

23.	Appeal to the Deputy Commissioner (Appeals) from orders of Assessing Officer
23A.	Appealable orders before Commissioner (Appeals)
24.	Appeal to the Appellate Tribunal from orders of the Deputy Commissioner (Appeals)
25.	Powers of Commissioner to revise orders of subordinate authorities
26.	Appeal to the Appellate Tribunal from orders of enhancement by Chief Commissioners or Commissioners
27.	Reference to High Court
27A.	Appeal to High Court
28.	Hearing by High Court
29.	Appeal to Supreme Court
29A.	Tax to be paid notwithstanding reference, etc.
29B.	Definition of High Court

CHAPTER VII

PAYMENT AND RECOVERY OF WEALTH-TAX

30.	Notice of demand
31.	When tax, etc., payable and when assessee deemed in default
32.	Mode of recovery
33.	Liability of transferees of properties in certain cases
34.	[OMITTED BY THE WEALTH-TAX (AMENDMENT) ACT, 1964, W.E.F. 1-4-1965]

CHAPTER VIIA

REFUNDS

34A.

Refunds

CHAPTER VIIB

REGISTERED VALUERS

34AA.	Appearance by registered valuers
34AB.	Registration of valuers
34AC.	Restrictions on practice as registered valuer
34ACC.	Furnishing of particulars in certain cases
34AD.	Removal from register of names of valuers and restoration
34AE.	Existing registered valuers to apply afresh

CHAPTER VIII

MISCELLANEOUS

34B.	Transfers to defraud revenue to be void
34C.	Provisional attachment to protect revenue in certain cases
35.	Rectification of mistakes
35A.	Wilful attempt to evade tax, etc.
35B.	Failure to furnish returns of net wealth
35C.	Failure to produce accounts, records, etc.
35D.	False statement in verification, etc., made under certain provisions of the Act
35E.	False statement in verification mentioned in section 34AB
35EE.	Failure to furnish particulars under section 34ACC
35EEE.	Contravention of order made under second proviso to sub-section (1) or sub-section (3A) of section 37A
35F.	Abetment of false return, etc.
35G.	Punishment for second and subsequent offences
35H.	Offences by Hindu undivided families
35HA.	Offences by companies
35-I.	Prosecutions to be with the previous sanction of certain wealth-tax authorities and their power to compound offences
35J.	Certain offences to be non-cognizable
35K.	Bar on prosecution and on inadmissibility of evidence in certain circumstances
35L.	Jurisdiction of courts
35M.	Section 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply
35N.	Presumption as to books of account, etc., in certain cases
35-O.	Presumption as to culpable mental state
36.	Proof of entries in records or documents
36A.	Power to tender immunity from prosecution
37.	Power to take evidence on oath, etc.
37A.	Power of search and seizure
37B.	Power to requisition books of account, etc.
37C.	Application of retained assets
38.	Information, returns and statements
38A.	Powers of Valuation Officer, etc.
39.	Effect of transfer of authorities on pending proceedings
40.	Computation of periods of limitation
41.	Service of notice
42.	[OMITTED BY THE FINANCE ACT, 1964, W.E.F. 1-4-1964]
42A.	Publication of information respecting assessees
42B.	Disclosure of information respecting assessees
42C.	Return of wealth, etc., not to be invalid on certain grounds
43.	Bar of jurisdiction
44.	Appearance before wealth-tax authorities by authorized representatives
44A.	Agreement for avoidance or relief of double taxation with respect to wealth-tax
44B.	Countries with which no agreement exists
44C.	Rounding off of net wealth
44D.	Rounding off of tax, etc.
45.	Act not to apply in certain cases
46.	Power to make rules
46A.	Power to make exemption, etc., in relation to certain Union Territories
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
	ANNEX : [OMITTED BY THE FINANCE ACT, 1992, W.E.F. 1-4-1993]
	APPENDIX : CERTAIN REMAINING PROVISIONS OF ALLIED ACTS REFERRED TO IN WEALTH-TAX ACT

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