Wealth Tax Act, 1957

CONTENTS
Sections
Chapter I 1 2 Chapter II 3 4 5 6 7 Chapter III 8 8A 8AA 8B 9 9A 10 10A 11 11A 11AA 11B 12 12A 13

Particulars

Preliminary Short title, extent and commencement Definitions Charge of Wealth-Tax and Assets subject to such charge Charge of wealth-tax Net wealth to include certain assets Exemptions in respect of certain assets Exclusion of assets and debts outside India Value of assets how to be determined Wealth-Tax Authorities Wealth-Tax authorities and their jurisdiction Omitted Omitted Omitted Control of wealth-tax authorities Omitted Instructions to subordinate authorities Omitted Jurisdiction of Assessing Officers and power to transfer cases Omitted Omitted Omitted Omitted Appointment of Valuation Officers Omitted Powers of Director-General or Director, Chief Commissioner or 13A 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

Reference to Valuation Officer Wealth escaping assessment Time-limit for completion of assessment and reassessment Interest for defaults in furnishing return of net wealth Penalty for failure to furnish returns, to comply with notices and 18 concealment of assets Penalty for failure to answer questions, sign statements, furnish 18A information, allow inspections, etc. 18B Power to reduce or waive penalty in certain cases Chapter IV A Special Provision for Avoiding repetitive appeals Procedure when assessee claims identical question of law is 18C 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 Assessment when assets are held by courts of wards, 21 administrators-general, etc. Assessment in cases of diversion of property, or of income from 21A property, held under trust for public charitable or religious purposes Assessment when assets are held by certain association of 21AA 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 Vice-Chairman to act as Chairman or to discharge his functions in 22BB 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 Power of Settlement Commission to order provisional attachment 22DD to protect revenue Power to Settlement Commission to re-open completed 22E proceedings 22F Powers and Procedure of Settlement Commission

16A 17 17A 17B

Inspection, etc., of reports Powers of Settlement Commission to grant immunity from 22H prosecution Power of Settlement Commission to send a case back to the 22HA 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 Proceedings before Settlement Commission to be judicial 22L proceedings 22M Omitted Chapter VI Appeals, Revisions and References Appeal to the Deputy Commissioner (Appeals) from orders of 23 Assessing Officer 23A Omitted Appeal to the Appellate Tribunal from orders of the Deputy 24 Commissioner (Appeals) Powers of Commissioner to revise orders of subordinate 25 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 Refunds A 34A Refunds Chapter VII Registered Valuers B 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

22G

34AE Chapter VII 34B 34C 35 35A 35B 35C 35D 35E 35EE 35EEE 35F 35G 35H 35HA 35-I 35J 35K 35L 35M 35N 35-O 36 36A 37 37A 37B 37C 38 38A 39 40 41 42 42A 42B 42C 43

Existing registered valuers to apply afresh Miscellaneous Transfers to defraud revenue to be void Provisional attachment to protect revenue in certain cases Rectification of mistakes Wilful attempt to evade tax Failure to furnish returns of net wealth Failure to produce accounts, records, etc. False statement in verification, etc., made under certain provision of the Act False statement in verification mentioned in section 34AB Failure to furnish particulars under section 34ACC Contravention of order made under second proviso to sub-section (1) or sub-section (3A) of section 37A Abetment of false return, etc. Punishment for second and subsequent offences Offences by Hindu undivided families Offences by companies Prosecutions to be with the previous sanction of certain wealth-tax authorities and their power to compound offences Certain offences to be non-cognizable Bar on prosecutions and on inadmissibility of evidence in certain curcumstances Jurisdiction of courts Section 360 of the Code of Criminal Procedure, 1973 and the Probation of Offenders Act, 1958, not to apply Presumption as to books of account, etc., in certain cases Presumption as to culpable mental state Proof of entries in records or documents Power to tender immunity from prosecution Power to take evidence on oath, etc. Power of search and seizure Power to requisition books of account, etc. Application of retained assets Information, returns and statements Powers of Valuation Officer, etc. Effect of transfer of authorities on pending proceedings Computation of periods of limitation Service of notice Omitted Publication of information respecting assessees Discloure of information respecting assessees Return of wealth, etc. not to be invalid on certain grounds Bar of jurisdiction

44 44A 44B 44C 44D 45 46 46A 47 SCHEDULES Schedule 1 Schedule 2 Schedule 3 -

Appearance before Wealth-tax authorities by authorised representatives Agreement for avoidance or relief of double taxation with respect to wealth-tax Countries with which no agreement exists Rounding off of net wealth Rounding off of tax Act not to apply in certain cases Power to make rules Power to make exemption, etc., in relation to certain Union territories Power to remove diffculties Rates of Wealth Tax Omitted Rules for determining the value of assests -