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Bare Acts - Direct Tax - wealth Tax Act, 1957

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))   (8310 Points)

21 August 2010  

 

CONTENTS

Sections

Particulars

-

Preamble

-

-

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

8AA

Omitted

8B

Omitted

9

Control of wealth-tax authorities

9A

Omitted

10

Instructions to subordinate authorities

10A

Omitted

11

Jurisdiction of Assessing Officers and power to transfer cases

11A

Omitted

11AA

Omitted

11B

Omitted

12

Omitted

12A

Appointment of Valuation Officers

13

Omitted

13A

Powers of Director-General or Director, Chief Commissioner or Commissioner and Deputy 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

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

18A

Penalty for failure to answer questions, sign statements, furnish information, allow inspections, etc.

18B

Power to reduce or waive penalty in certain cases

-

-

Chapter IV A

Special Provision for Avoiding repetitive appeals

18C

Procedure when assessee claims identical question of law is pending before High Court to Supreme Court

-

-

Chapter IV B

Charge or Additional Wealth-Tax in certain cases

18D

Omitted

-

-

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 association of persons

22

Assessment of person residing outside India

-

-

Chapter V A

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 to Settlement Commission to re-open 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

Power of Settlement Commission to send a case back to the Assessing Officer if the assessee does not co-operate

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 Settlement Commission to be judicial proceedings

22M

Omitted

-

-

Chapter VI

Appeals, Revisions and References

23

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

23A

Omitted

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 enchancement

27

Reference of 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

-

-

Chapter VII A

Refunds

34A

Refunds

-

-

Chapter VII B

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 VII

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

35B

Failure to furnish returns of net wealth

35C

Failure to produce accounts, records, etc.

35D

False statement in verification, etc., made under certain provision 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 prosecutions and on inadmissibility of evidence in certain curcumstances

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

42A

Publication of information respecting assessees

42B

Discloure 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 authorised 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

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 diffculties

-

-

SCHEDULES

-

Schedule 1

Rates of Wealth Tax

-

-

Schedule 2

Omitted

-

-

Schedule 3

Rules for Determining the value of assets

Part A

General

1

Value of assets how to be determined

2

Definitions

-

-

Part B

Immovable property

3

Valuation of immovable property

4

Net maintaible rent how to be computed

5

Gross maintainable rent how to be computed

6

Adjustments to value arrived at under rule 3, for unbuilt area of plot of land

7

Adjustment for unearned increase in the value of the land

8

Rule 3 not to apply in certain cases

-

-

Part C

Omitted

-

-

Part D

Assets of business

14

Global valuation of assets

-

-

Part E

Interest in firm or association of persons

15

Valuation of interest in firm or association of persons

16

Computation of net wealth of the firm or association and its allocation amongst the partners or members

-

-

Part F

Life Interest

17

Valuation of life interest

-

-

Part G

Jewellery

18

Valuation of jewellery

19

Adjustment in value of jewellery for subsequent assessment years

-

-

Part H

Residuary

20

Valuation of assets in other cases

21

Restrictive covenants to be ignored in determining market value

-

Rule

Appendix

-

 

 

Top of Form

 

Bottom of Form

 


 1 Replies

CA. SANAT PYNE (F.C.A. & M.COM) (16757 Points)
Replied 21 August 2010

nice posting for such important chapter. it will help so many students and practitioner.

thanks.

 

1 Like

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