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Home Acts & Rules Wealth-tax Act Wealth Tax Act, 1957 Chapters List This

Wealth Tax Act, 1957

Chapter: I
Section 1 : Short title, extent and commencement
Section 2 : Definitions
Chapter: II
Charge of wealth-tax and assets subject to such charge
Section 3 : Charge of wealth-tax
Section 4 : Net wealth to include certain assets
Section 5 : Exemptions in respect of certain assets
Section 6 : Exclusion of assets and debts outside India
Section 7 : Value of assets, how to be determined
Chapter: III
Wealth-tax authorities
Section 8 : Wealth-tax authorities and their jurisdiction
Section 8A : Powers of Commissioner respecting specified areas, cases, persons, etc.
Section 8AA : Concurrent jurisdiction of Inspecting Assistant Commissioner and Wealth-tax Officer
Section 8B : Power to transfer cases
Section 9 : Control of wealth-tax authorities
Section 9A : Commissioners of Wealth-tax (Appeals)
Section 10 : Instructions to subordinate authorities
Section 10A : Directors of Inspection
Section 11 : Jurisdiction of Assessing Officers and power to transfer cases
Section 11A : Inspector of Wealth-tax
Section 11AA : Commissioner competent to perform any function or functions
Section 11B : Wealth-tax Officer competent to perform any function or functions
Section 12 : Control of wealth-tax authorities
Section 12A : Appointment of Valuation Officers
Section 13 : Wealth-tax authorities to follow orders, etc., of the Board
Section 13A : Powers of [Director-General or Director], [Chief Commissioner or Commissioner] and [Joint Commissioner] to make enquiries
Chapter: IV
Section 14 : Return of wealth
Section 14A : Power of Board to dispense with furnishing documents, etc., with return of wealth.
Section 14B : Filing of return in electronic form.
Section 15 : Return after due date and amendment of return
Section 15A : Return by whom to be signed
Section 15B : Self-assessment
Section 15C : Provisional assessment
Section 16 : Assessment
Section 16A : Reference to Valuation Officer
Section 17 : Wealth escaping assessment
Section 17A : Time limit for completion of assessment and reassessment
Section 17B : Interest for defaults in furnishing return of net wealth
Section 18 : Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc.
Section 18A : Penalty for failure to answer questions, sign statements, furnish information, allow inspection, etc.
Section 18B : Power to reduce or waive penalty in certain cases
Section 18BA : Power of Commissioner to grant immunity from penalty.
Chapter: IVA
Section 18C : Procedure when assessee claims identical question of law is pending before High Court or Supreme Court
Chapter: IVB
Section 18D : Additional wealth-tax
Chapter: V
Section 19 : Tax of deceased person payable by legal representative
Section 19A : Assessment in the case of executors
Section 20 : Assessment after partition of a Hindu undivided family
Section 20A : Assessment after partial partition of a Hindu undivided fami­ly
Section 21 : Assessment when assets are held by courts of wards, administra­tors-general, etc.
Section 21A : Assessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes
Section 21AA : Assessment when assets are held by certain associations of persons
Section 22 : Assessment of persons residing outside India
Chapter: VA
Section 22A : Definitions
Section 22B : Wealth-tax Settlement Commission
Section 22BA : Jurisdiction and powers of Settlement Commission
Section 22BB : Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances
Section 22BC : Power of Chairman to transfer cases from one Bench to another
Section 22BD : Decision to be by majority
Section 22C : Application for settlement of cases
Section 22D : Procedure on receipt of an application under section 22C
Section 22DD : Power of Settlement Commission to order provisional attachment to protect revenue
Section 22E : Power of Settlement Commission to reopen completed proceedings
Section 22F : Powers and procedure of Settlement Commission
Section 22G : Inspection, etc., of reports
Section 22H : Powers of Settlement Commission to grant immunity from prosecution
Section 22HA : Abatement of the proceeding before Settlement Commission
Section 22HAA : Credit for tax paid in case of abatement of proceedings
Section 22I : Order of settlement to be conclusive
Section 22J : Recovery of sums due under order of settlement
Section 22K : Bar on subsequent application for settlement
Section 22L : Proceedings before the Settlement Commission to be judicial proceedings
Section 22M : Certain persons who have filed appeals to the Appellate Tribunal entitled to make applications to the Settlement Commission
Chapter: VI
Section 23 : Appeal to the [Deputy Commissioner (Appeals)] from orders of [Assessing Officer]
Section 23A : Appealable orders before Commissioner (Appeals)
Section 24 : Appeal to the Appellate Tribunal from orders of the [Deputy Commissioner (Appeals).]
Section 25 : Powers of Commissioner to revise orders of subordinate authorities
Section 26 : Appeal to the Appellate Tribunal from orders of enhancement by [Chief Commissioners or Commissioners
Section 27 : Reference to High Court
Section 27A : Appeal to High Court
Section 28 : Hearing by High Court
Section 29 : Appeal to Supreme Court
Section 29A : Tax to be paid notwithstanding reference, etc.
Section 29B : Definition of High Court
Chapter: VII
Section 30 : Notice of demand
Section 31 : When tax, etc., payable and when assessee deemed in default
Section 32 : Mode of recovery
Section 33 : Liability of transferees of properties in certain cases
Section 34 : Restrictions on registration of transfers of immovable property in certain cases
Chapter: VIIA
Section 34A : Refunds
Chapter: VIIB
Section 34AA : Appearance by registered valuers
Section 34AB : Registration of valuers
Section 34AC : Restrictions on practice as registered valuer
Section 34ACC : Furnishing of particulars in certain cases
Section 34AD : Removal from register of names of valuers and restoration
Section 34AE : Existing registered valuers to apply afresh
Chapter: VIII
Section 34B : Transfers to defraud revenue to be void
Section 34C : Provisional attachment to protect revenue in certain cases
Section 35 : Rectification of mistakes
Section 35A : Wilful attempt to evade tax, etc.
Section 35B : Failure to furnish returns of net wealth
Section 35C : Failure to produce accounts, records, etc.
Section 35D : False statement in verification, etc., made under certain provisions of the Act
Section 35E : False statement in verification mentioned in section 34AB
Section 35EE : Failure to furnish particulars under section 34ACC
Section 35EEE : Contravention of order made under second proviso to sub-section (1) or sub-section (3A) of section 37A
Section 35F : Abetment of false return, etc.
Section 35G : Punishment for second and subsequent offences
Section 35GA : Power of Commissioner to grant immunity from prosecution.
Section 35H : Offences by Hindu undivided families
Section 35HA : Offences by companies
Section 35I : Prosecutions to be with the previous sanction of certain wealth-tax authorities and their power to compound offences
Section 35J : Certain offences to be non-cognizable
Section 35K : Bar on prosecution and on inadmissibility of evidence in certain circumstances
Section 35L : Jurisdiction of courts
Section 35M : Section 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply
Section 35N : Presumption as to books of account, etc., in certain cases
Section 35O : Presumption as to culpable mental state
Section 36 : Proof of entries in records or documents
Section 36A : Power to tender immunity from prosecution
Section 37 : Power to take evidence on oath, etc.
Section 37A : Power of search and seizure
Section 37B : Power to requisition books of account, etc.
Section 37C : Application of retained assets
Section 38 : Information, returns and statements
Section 38A : Powers of Valuation Officer, etc.
Section 39 : Effect of transfer of authorities on pending proceedings
Section 40 : Computation of periods of limitation
Section 41 : Service of notice
Section 42 : Notice deemed to be valid in certain circumstances.
Section 42A : Publication of information respecting assessees
Section 42B : Disclosure of information respecting assessees
Section 42C : Return of wealth, etc., not to be invalid on certain grounds
Section 42D : Presumption as to assets, books of account, etc.
Section 43 : Bar of jurisdiction
Section 44 : Appearance before wealth-tax authorities by authorised representatives
Section 44A : Agreement for avoidance or relief of double taxation with respect to wealth-tax
Section 44B : Countries with which no agreement exists
Section 44C : Rounding off of net wealth
Section 44D : Rounding off of tax, etc
Section 45 : Act not to apply in certain cases
Section 46 : Power to make rules
Section 46A : Power to make exemption, etc., in relation to certain Union territories
Section 47 : Power to remove difficulties
-SCHEDULE II : Omitted by the Finance Act, 1992, w.e.f. 1-4-1993
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