Wealth Tax Act, 1957

Short title, extent and commencement

Definitions

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 and their jurisdiction

Powers of Commissioner respecting specified areas, cases, persons, etc.

Concurrent jurisdiction of Inspecting Assistant Commissioner and Wealth-tax Officer

Power to transfer cases

Control of wealth-tax authorities

Commissioners of Wealth-tax (Appeals)

Instructions to subordinate authorities

Directors of Inspection

Jurisdiction of Assessing Officers and power to transfer cases

Inspector of Wealth-tax

Commissioner competent to perform any function or functions

Wealth-tax Officer competent to perform any function or functions

Control of wealth-tax authorities

Appointment of Valuation Officers

Wealth-tax authorities to follow orders, etc., of the Board

Powers of [Director-General or Director], [Chief Commissioner or Commissioner] and [Joint Commissioner] to make enquiries

Return of wealth

Return after due date and amendment of return

Return by whom to be signed

Self-assessment

Provisional assessment

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 concealment of assets, etc.

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

Power to reduce or waive penalty in certain cases

Power of Commissioner to grant immunity from penalty.

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

Additional wealth-tax

Tax of deceased person payable by legal representative

Assessment in the case of executors

Assessment after partition of a Hindu undivided family

Assessment after partial partition of a Hindu undivided fami­ly

Assessment when assets are held by courts of wards, administra­tors-general, etc.

Assessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes

Assessment when assets are held by certain associations of persons

Assessment of persons residing outside India

Definitions

Wealth-tax Settlement Commission

Jurisdiction and powers of Settlement Commission

Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances

Power of Chairman to transfer cases from one Bench to another

Decision to be by majority

Application for settlement of cases

Procedure on receipt of an application under section 22C

Power of Settlement Commission to order provisional attachment to protect revenue

Power of Settlement Commission to reopen completed proceedings

Powers and procedure of Settlement Commission

Inspection, etc., of reports

Powers of Settlement Commission to grant immunity from prosecution

Abatement of the proceeding before Settlement Commission

Credit for tax paid in case of abatement of proceedings

Order of settlement to be conclusive

Recovery of sums due under order of settlement

Bar on subsequent application for settlement

Proceedings before the Settlement Commission to be judicial proceedings

Certain persons who have filed appeals to the Appellate Tribunal entitled to make applications to the Settlement Commission

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

Appealable orders before Commissioner (Appeals)

Appeal to the Appellate Tribunal from orders of the [Deputy Commissioner (Appeals).]

Powers of Commissioner to revise orders of subordinate authorities

Appeal to the Appellate Tribunal from orders of enhancement by [Chief Commissioners or Commissioners

Reference to High Court

Appeal to High Court

Hearing by High Court

Appeal to Supreme Court

Tax to be paid notwithstanding reference, etc.

Definition of High Court

Notice of demand

When tax, etc., payable and when assessee deemed in default

Mode of recovery

Liability of transferees of properties in certain cases

Restrictions on registration of transfers of immovable property in certain cases

Refunds

Appearance by registered valuers

Registration of valuers

Restrictions on practice as registered valuer

Furnishing of particulars in certain cases

Removal from register of names of valuers and restoration

Existing registered valuers to apply afresh

Transfers to defraud revenue to be void

Provisional attachment to protect revenue in certain cases

Rectification of mistakes

Wilful attempt to evade tax, etc.

Failure to furnish returns of net wealth

Failure to produce accounts, records, etc.

False statement in verification, etc., made under certain provisions 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

Power of Commissioner to grant immunity from prosecution.

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 prosecution and on inadmissibility of evidence in certain circumstances

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

Notice deemed to be valid in certain circumstances.

Publication of information respecting assessees

Disclosure of information respecting assessees

Return of wealth, etc., not to be invalid on certain grounds

Presumption as to assets, books of account, etc.

Bar of jurisdiction

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, etc

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 difficulties

TEXT OF SECTION 40 OF THE FINANCE ACT, 1983

CERTAIN REMAINING PROVISIONS OF ALLIED ACTS REFERRED TO IN WEALTH-TAX ACT

RATES OF WEALTH-TAX

Omitted by the Finance Act, 1992, w.e.f. 1-4-1993

RULES FOR DETERMINING THE VALUE OF ASSETS