THE
WEALTH-TAX ACT, 1957
1 Short title, extent and commencement
CHARGE OF WEALTH-TAX
AND ASSETS SUBJECT
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
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
15 Return after due date and amendment of return
15A Return by whom to be signed
[15C Omitted by the Direct Tax Laws (Amendment)
Act, 1987, w.e.f. 1-4-1989]
16A Reference to Valuation Officer
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
18C Procedure when assessee claims identical question of
law is pending before High Court or Supreme Court
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 persons residing outside India
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
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 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 by the Finance Act, 1987, w.e.f. 1-6-1987]
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 enhan-cement by Chief Commissioners or
Commissioners
29A Tax to be paid notwithstanding reference, etc.
31 When tax, etc., payable and when assessee deemed in
default
33 Liability of transferees of properties in certain cases
[34 Omitted by the
Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965]
34AA Appearance by registered valuers
34AC Restrictions on practice as registered valuer
34ACCFurnishing of particulars in certain cases
34AD Removal from register of names of valuers and
restoration
34AE Existing registered valuers to apply afresh
34B Transfers to defraud revenue to be void
34C Provisional attachment to protect revenue in certain
cases
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
35EEEContravention 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
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
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
[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
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
45 Act not to apply in certain cases
46A Power to make exemption, etc., in
relation to certain Union territories
47 Power to remove difficulties
SCHEDULES
Omitted by the
Finance Act, 1992, w.e.f. 1-4-1993]
Rules for
determining the value of assets
Rule No.
1 Value
of assets how to be determined
Rule No.
3 Valuation of immovable property
4 Net maintainable 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
[9 to 13 Omitted by the
Finance Act, 1992, w.e.f. 1-4-1993]
14 Global valuation of assets of business
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
19 Adjustment in value of jewellery for subsequent
assessment years
20 Valuation of assets in other cases
21 Restrictive covenants to be ignored in determining
market value