| Wealth-tax |
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Wealth Tax Act, 1957
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Show Chapter Wise
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Short title, extent and commencement |
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Definitions |
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Charge of wealth-tax |
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Net wealth to include certain assets |
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Exemptions in respect of certain assets |
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Exclusion of assets and debts outside India |
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Value of assets, how to be determined |
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Wealth-tax authorities and their jurisdiction |
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Powers of Commissioner respecting specified areas, cases, persons, etc. |
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Concurrent jurisdiction of Inspecting Assistant Commissioner and Wealth-tax Officer |
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Power to transfer cases |
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Control of wealth-tax authorities |
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Commissioners of Wealth-tax (Appeals) |
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Instructions to subordinate authorities |
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Directors of Inspection |
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Jurisdiction of Assessing Officers and power to transfer cases |
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Inspector of Wealth-tax |
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Commissioner competent to perform any function or functions |
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Wealth-tax Officer competent to perform any function or functions |
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Control of wealth-tax authorities |
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Appointment of Valuation Officers |
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Wealth-tax authorities to follow orders, etc., of the Board |
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Powers of [Director-General or Director], [Chief Commissioner or Commissioner] and [Joint Commissioner] to make enquiries |
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Return of wealth |
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Return after due date and amendment of return |
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Return by whom to be signed |
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Self-assessment |
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Provisional assessment |
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Assessment |
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Reference to Valuation Officer |
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Wealth escaping assessment |
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Time limit for completion of assessment and reassessment |
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Interest for defaults in furnishing return of net wealth |
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Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc. |
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Penalty for failure to answer questions, sign statements, furnish information, allow inspection, etc. |
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Power to reduce or waive penalty in certain cases |
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Power of Commissioner to grant immunity from penalty. |
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Procedure when assessee claims identical question of law is pending before High Court or Supreme Court |
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Additional wealth-tax |
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Tax of deceased person payable by legal representative |
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Assessment in the case of executors |
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Assessment after partition of a Hindu undivided family |
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Assessment after partial partition of a Hindu undivided family |
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Assessment when assets are held by courts of wards, administrators-general, etc. |
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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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Assessment when assets are held by certain associations of persons |
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Assessment of persons residing outside India |
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Definitions |
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Wealth-tax Settlement Commission |
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Jurisdiction and powers of Settlement Commission |
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Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances |
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Power of Chairman to transfer cases from one Bench to another |
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Decision to be by majority |
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Application for settlement of cases |
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Procedure on receipt of an application under section 22C |
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Power of Settlement Commission to order provisional attachment to protect revenue |
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Power of Settlement Commission to reopen completed proceedings |
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Powers and procedure of Settlement Commission |
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Inspection, etc., of reports |
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Powers of Settlement Commission to grant immunity from prosecution |
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Abatement of the proceeding before Settlement Commission |
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Credit for tax paid in case of abatement of proceedings |
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Order of settlement to be conclusive |
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Recovery of sums due under order of settlement |
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Bar on subsequent application for settlement |
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Proceedings before the Settlement Commission to be judicial proceedings |
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Certain persons who have filed appeals to the Appellate Tribunal entitled to make applications to the Settlement Commission |
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Appeal to the [Deputy Commissioner (Appeals)] from orders of [Assessing Officer] |
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Appealable orders before Commissioner (Appeals) |
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Appeal to the Appellate Tribunal from orders of the [Deputy Commissioner (Appeals).] |
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Powers of Commissioner to revise orders of subordinate authorities |
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Appeal to the Appellate Tribunal from orders of enhancement by [Chief Commissioners or Commissioners |
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Reference to High Court |
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Appeal to High Court |
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Hearing by High Court |
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Appeal to Supreme Court |
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Tax to be paid notwithstanding reference, etc. |
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Definition of High Court |
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Notice of demand |
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When tax, etc., payable and when assessee deemed in default |
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Mode of recovery |
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Liability of transferees of properties in certain cases |
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Restrictions on registration of transfers of immovable property in certain cases |
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Refunds |
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Appearance by registered valuers |
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Registration of valuers |
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Restrictions on practice as registered valuer |
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Furnishing of particulars in certain cases |
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Removal from register of names of valuers and restoration |
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Existing registered valuers to apply afresh |
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Transfers to defraud revenue to be void |
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Provisional attachment to protect revenue in certain cases |
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Rectification of mistakes |
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Wilful attempt to evade tax, etc. |
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Failure to furnish returns of net wealth |
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Failure to produce accounts, records, etc. |
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False statement in verification, etc., made under certain provisions of the Act |
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False statement in verification mentioned in section 34AB |
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Failure to furnish particulars under section 34ACC |
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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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Abetment of false return, etc. |
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Punishment for second and subsequent offences |
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Power of Commissioner to grant immunity from prosecution. |
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Offences by Hindu undivided families |
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Offences by companies |
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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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Certain offences to be non-cognizable |
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Bar on prosecution and on inadmissibility of evidence in certain circumstances |
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Jurisdiction of courts |
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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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Presumption as to books of account, etc., in certain cases |
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Presumption as to culpable mental state |
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Proof of entries in records or documents |
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Power to tender immunity from prosecution |
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Power to take evidence on oath, etc. |
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Power of search and seizure |
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Power to requisition books of account, etc. |
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Application of retained assets |
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Information, returns and statements |
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Powers of Valuation Officer, etc. |
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Effect of transfer of authorities on pending proceedings |
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Computation of periods of limitation |
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Service of notice |
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Notice deemed to be valid in certain circumstances. |
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Publication of information respecting assessees |
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Disclosure of information respecting assessees |
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Return of wealth, etc., not to be invalid on certain grounds |
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Presumption as to assets, books of account, etc. |
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Bar of jurisdiction |
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Appearance before wealth-tax authorities by authorised representatives |
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Agreement for avoidance or relief of double taxation with respect to wealth-tax |
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Countries with which no agreement exists |
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Rounding off of net wealth |
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Rounding off of tax, etc |
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Act not to apply in certain cases |
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Power to make rules |
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Power to make exemption, etc., in relation to certain Union territories |
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Power to remove difficulties |
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TEXT OF SECTION 40 OF THE FINANCE ACT, 1983 |
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CERTAIN REMAINING PROVISIONS OF ALLIED ACTS REFERRED TO IN WEALTH-TAX ACT |
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RATES OF WEALTH-TAX |
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Omitted by the Finance Act, 1992, w.e.f. 1-4-1993 |
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RULES FOR DETERMINING THE VALUE OF ASSETS |
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