Wealth-Tax Act, 1957

Section - 1 - Short title, extent and commencement

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Section - 2 - Definitions

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Section - 3 - Charge of wealth-tax

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Section - 4 - Net wealth to include certain assets

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Section - 5 - Exemptions in respect of certain assets

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Section - 6 - Exclusion of assets and debts outside India

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Section - 7 - Value of assets, how to be determined

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Section - 8 - Wealth-tax authorities and their jurisdiction

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

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

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Section - 8B - Power to transfer cases

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Section - 9 - Control of wealth-tax authorities

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

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Section - 10 - Instructions to subordinate authorities

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Section - 10A - Directors of Inspection

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

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Section - 11A - Inspector of Wealth-tax

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

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

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Section - 12 - Control of wealth-tax authorities

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Section - 12A - Appointment of Valuation Officers

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

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Section - 13A - Powers of Director-General or Director, Chief Commissioner or Commissioner and Joint Commissioner to make enquiries

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Section - 14 - Return of wealth

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

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Section - 14B - Filing of return in electronic form

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Section - 15 - Return after due date and amendment of return

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Section - 15A - Return by whom to be signed

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Section - 15B - Self-assessment

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Section - 15C - Provisional assessment

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Section - 16 - Assessment

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Section - 16A - Reference to Valuation Officer

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Section - 17 - Wealth escaping assessment

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

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

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

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

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

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Section - 18BA - Power of Commissioner to grant immunity from penalty

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

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Section - 18D - Additional wealth-tax

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Section - 19 - Tax of deceased person payable by legal representative

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Section - 19A - Assessment in the case of executors

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

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

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

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

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

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Section - 22 - Assessment of persons residing outside India

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Section - 22A - Definitions

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Section - 22B - Wealth-tax Settlement Commission

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Section - 22BA - Jurisdiction and powers of Settlement Commission

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

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

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Section - 22BD - Decision to be by majority

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Section - 22C - Application for settlement of cases

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Section - 22D - Procedure on receipt of an application under section 22C

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

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

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Section - 22F - Powers and procedure of Settlement Commission

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Section - 22G - Inspection, etc., of reports

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

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Section - 22HA - Abatement of proceedings before Settlement Commission

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

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Section - 22I - Order of settlement to be conclusive

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

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Section - 22K - Bar on subsequent application for settlement

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

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

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Section - 23 - Appeal to the Deputy Commissioner (Appeals) from orders of Assessing Officer

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Section - 23A - Appealable orders before Commissioner (Appeals)

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

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

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Section - 26 - Appeal to the Appellate Tribunal from orders of enhancement by Chief Commissioners or Commissioners

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Section - 27 - Reference to High Court

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Section - 27A - Appeal to High Court

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Section - 28 - Hearing by High Court

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Section - 29 - Appeal to Supreme Court

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

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Section - 29B - Definition of High Court

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Section - 30 - Notice of demand

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

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Section - 32 - Mode of recovery

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Section - 33 - Liability of transferees of properties in certain cases

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

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Section - 34A - Refunds

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Section - 34AA - Appearance by registered valuers

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Section - 34AB - Registration of valuers

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Section - 34AC - Restrictions on practice as registered valuer

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Section - 34ACC - Furnishing of particulars in certain cases

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

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Section - 34AE - Existing registered valuers to apply afresh

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Section - 34B - Transfers to defraud revenue to be void

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

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Section - 35 - Rectification of mistakes

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Section - 35A - Wilful attempt to evade tax, etc.

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Section - 35B - Failure to furnish returns of net wealth

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

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

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

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

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

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Section - 35F - Abetment of false return, etc.

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Section - 35G - Punishment for second and subsequent offences

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

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Section - 35H - Offences by Hindu undivided families

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Section - 35HA - Offences by companies

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

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Section - 35J - Certain offences to be non-cognizable

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

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Section - 35L - Jurisdiction of courts

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

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

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Section - 35O - Presumption as to culpable mental state

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Section - 36 - Proof of entries in records or documents

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Section - 36A - Power to tender immunity from prosecution

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Section - 37 - Power to take evidence on oath, etc.

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Section - 37A - Power of search and seizure

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

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Section - 37C - Application of retained assets

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Section - 38 - Information, returns and statements

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Section - 38A - Powers of Valuation Officer, etc.

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Section - 39 - Effect of transfer of authorities on pending proceedings

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Section - 40 - Computation of periods of limitation

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Section - 41 - Service of notice

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Section - 42 - Notice deemed to be valid in certain circumstances

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Section - 42A - Publication of information respecting assessees

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Section - 42B - Disclosure of information respecting assessees

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

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

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Section - 43 - Bar of jurisdiction

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

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

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Section - 44B - Countries with which no agreement exists

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Section - 44C - Rounding off of net wealth

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Section - 44D - Rounding off of tax, etc.

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Section - 45 - Act not to apply in certain cases

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Section - 46 - Power to make rules

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

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Section - 47 - Power to remove difficulties

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Schedule I - RATES OF WEALTH-TAX

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

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Schedule III - RULES FOR DETERMINING THE VALUE OF ASSETS

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

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