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CONTENTS
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Sections
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Particulars
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Preamble
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Chapter I
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Preliminary
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1
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Short title, extent and commencement
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2
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Definitions
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-
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-
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Chapter II
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Charge of Wealth-Tax and Assets subject to such charge
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3
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Charge of wealth-tax
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4
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Net wealth to include certain assets
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5
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Exemptions in respect of certain assets
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6
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Exclusion of assets and debts outside India
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7
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Value of assets how to be determined
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-
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-
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Chapter III
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Wealth-Tax Authorities
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8
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Wealth-Tax authorities and their jurisdiction
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8A
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Omitted
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8AA
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Omitted
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8B
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Omitted
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9
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Control of wealth-tax authorities
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9A
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Omitted
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10
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Instructions to subordinate authorities
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10A
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Omitted
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11
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Jurisdiction of Assessing Officers and power to transfer cases
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11A
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Omitted
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11AA
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Omitted
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11B
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Omitted
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12
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Omitted
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12A
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Appointment of Valuation Officers
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13
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Omitted
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13A
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Powers of Director-General or Director, Chief Commissioner or Commissioner and Deputy Commissioner to make enquiries
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-
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-
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Chapter IV
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Assessment
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14
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Return of Wealth
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15
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Return after due date and amendment of return
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15A
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Return by whom to be signed
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15B
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Self-assessment
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15C
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Omitted
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16
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Assessment
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16A
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Reference to Valuation Officer
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17
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Wealth escaping assessment
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17A
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Time-limit for completion of assessment and reassessment
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17B
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Interest for defaults in furnishing return of net wealth
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18
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Penalty for failure to furnish returns, to comply with notices and concealment of assets
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18A
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Penalty for failure to answer questions, sign statements, furnish information, allow inspections, etc.
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18B
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Power to reduce or waive penalty in certain cases
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-
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-
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Chapter IV A
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Special Provision for Avoiding repetitive appeals
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18C
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Procedure when assessee claims identical question of law is pending before High Court to Supreme Court
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-
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-
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Chapter IV B
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Charge or Additional Wealth-Tax in certain cases
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18D
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Omitted
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-
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-
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Chapter V
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Liability to Assessment in Special cases
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19
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Tax of deceased person payable by legal representative
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19A
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Assessment in the case of executors
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20
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Assessment after partition of a Hindu undivided family
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20A
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Assessment after partial partition of a Hindu undivided family
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21
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Assessment when assets are held by courts of wards, administrators-general, etc.
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21A
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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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21AA
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Assessment when assets are held by certain association of persons
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22
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Assessment of person residing outside India
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-
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-
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Chapter V A
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Settlement of Cases
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22A
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Definitions
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22B
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Wealth-tax Settlement Commission
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22BA
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Jurisdiction and powers of Settlement Commission
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22BB
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Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances
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22BC
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Power of Chairman to transfer cases from one Bench to another
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22BD
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Decision to be by majority
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22C
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Application for settlement of cases
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22D
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Procedure on receipt of an application under section 22C
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22DD
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Power of Settlement Commission to order provisional attachment to protect revenue
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22E
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Power to Settlement Commission to re-open completed proceedings
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22F
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Powers and Procedure of Settlement Commission
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22G
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Inspection, etc., of reports
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22H
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Powers of Settlement Commission to grant immunity from prosecution
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22HA
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Power of Settlement Commission to send a case back to the Assessing Officer if the assessee does not co-operate
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22-I
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Order of Settlement to be conclusive
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22J
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Recovery of sums due under order of settlement
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22K
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Bar on subsequent application for settlement in certain cases
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22L
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Proceedings before Settlement Commission to be judicial proceedings
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22M
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Omitted
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-
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-
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Chapter VI
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Appeals, Revisions and References
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23
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Appeal to the Deputy Commissioner (Appeals) from orders of Assessing Officer
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23A
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Omitted
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24
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Appeal to the Appellate Tribunal from orders of the Deputy Commissioner (Appeals)
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25
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Powers of Commissioner to revise orders of subordinate authorities
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26
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Appeal to the Appellate Tribunal from orders of enchancement
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27
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Reference of High Court
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27A
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Appeal to High Court
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28
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Hearing by High Court
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29
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Appeal to Supreme Court
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29A
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Tax to be paid notwithstanding reference, etc.
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29B
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Definition of High Court
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-
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-
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Chapter VII
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Payment and Recovery of Wealth-Tax
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30
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Notice of demand
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31
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When tax, etc., payable and when assessee deemed in default
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32
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Mode of recovery
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33
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Liability of transferees of properties in certain cases
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34
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Omitted
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-
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-
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Chapter VII A
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Refunds
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34A
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Refunds
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-
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-
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Chapter VII B
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Registered Valuers
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34AA
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Appearance by registered valuers
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34AB
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Registration of valuers
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34AC
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Restrictions on practice as registered valuer
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34ACC
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Furnishing of particulars in certain cases
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34AD
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Removal from register of names of valuers and restoration
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34AE
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Existing registered valuers to apply afresh
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-
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-
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Chapter VII
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Miscellaneous
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34B
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Transfers to defraud revenue to be void
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34C
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Provisional attachment to protect revenue in certain cases
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35
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Rectification of mistakes
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35A
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Wilful attempt to evade tax
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35B
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Failure to furnish returns of net wealth
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35C
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Failure to produce accounts, records, etc.
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35D
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False statement in verification, etc., made under certain provision of the Act
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35E
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False statement in verification mentioned in section 34AB
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35EE
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Failure to furnish particulars under section 34ACC
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35EEE
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Contravention of order made under second proviso to sub-section (1) or sub-section (3A) of section 37A
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35F
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Abetment of false return, etc.
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35G
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Punishment for second and subsequent offences
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35H
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Offences by Hindu undivided families
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35HA
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Offences by companies
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35-I
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Prosecutions to be with the previous sanction of certain wealth-tax authorities and their power to compound offences
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35J
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Certain offences to be non-cognizable
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35K
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Bar on prosecutions and on inadmissibility of evidence in certain curcumstances
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35L
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Jurisdiction of courts
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35M
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Section 360 of the Code of Criminal Procedure, 1973 and the Probation of Offenders Act, 1958, not to apply
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35N
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Presumption as to books of account, etc., in certain cases
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35-O
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Presumption as to culpable mental state
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36
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Proof of entries in records or documents
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36A
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Power to tender immunity from prosecution
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37
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Power to take evidence on oath, etc.
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37A
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Power of search and seizure
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37B
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Power to requisition books of account, etc.
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37C
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Application of retained assets
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38
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Information, returns and statements
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38A
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Powers of Valuation Officer, etc.
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39
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Effect of transfer of authorities on pending proceedings
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40
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Computation of periods of limitation
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41
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Service of notice
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42
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Omitted
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42A
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Publication of information respecting assessees
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42B
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Discloure of information respecting assessees
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42C
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Return of wealth, etc. not to be invalid on certain grounds
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43
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Bar of jurisdiction
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44
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Appearance before Wealth-tax authorities by authorised representatives
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44A
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Agreement for avoidance or relief of double taxation with respect to wealth-tax
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44B
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Countries with which no agreement exists
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44C
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Rounding off of net wealth
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44D
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Rounding off of tax
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45
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Act not to apply in certain cases
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46
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Power to make rules
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46A
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Power to make exemption, etc., in relation to certain Union territories
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47
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Power to remove diffculties
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-
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-
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SCHEDULES
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Schedule 1
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Rates of Wealth Tax
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-
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-
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Schedule 2
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Omitted
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-
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Schedule 3
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Rules for Determining the value of assets
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Part A
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General
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1
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Value of assets how to be determined
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2
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Definitions
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-
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Part B
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Immovable property
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3
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Valuation of immovable property
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4
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Net maintaible rent how to be computed
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5
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Gross maintainable rent how to be computed
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6
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Adjustments to value arrived at under rule 3, for unbuilt area of plot of land
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7
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Adjustment for unearned increase in the value of the land
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8
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Rule 3 not to apply in certain cases
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-
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-
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Part C
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Omitted
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-
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-
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Part D
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Assets of business
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14
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Global valuation of assets
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-
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Part E
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Interest in firm or association of persons
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15
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Valuation of interest in firm or association of persons
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16
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Computation of net wealth of the firm or association and its allocation amongst the partners or members
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-
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Part F
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Life Interest
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17
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Valuation of life interest
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-
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Part G
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Jewellery
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18
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Valuation of jewellery
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19
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Adjustment in value of jewellery for subsequent assessment years
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-
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-
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Part H
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Residuary
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20
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Valuation of assets in other cases
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21
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Restrictive covenants to be ignored in determining market value
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Rule
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Appendix
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CAclubindia
