The Wealth-Tax Act, 1957
Chapter I
1. Short title, extent and
commencement Definitions
Chapter II
3. 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
Chapter III
8. Wealth-tax
authorities and their jurisdiction Control of wealth-tax authorities Instructions to subordinate
authorities Jurisdiction of Assessing
Officers and power to transfer cases Appointment of Valuation
Officers Powers of Director-General or
Director, Chief Commissioner or Commissioner and Joint Commissioner to make enquiries
Chapter IV
14. Return of wealth Return after due date and
amendment of return Return by whom to be signed Self-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
Chapter IV A
18C. Procedure
when assessee claims identical question of law is pending before High Court or Supreme
Court
Chapter IV B
18D. Additional wealth-tax. - Omitted by the Direct Tax
Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.
Chapter V
19. 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
Chapter VA
22A. Definitions 22B. 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. Order of settlement to be
conclusive. Recovery of sums due under
order of settlement. Bar on subsequent
application for settlement in certain cases. Proceedings before the
Settlement Commission to be judicial proceedings.
Chapter VI
Appeals , Revisions And References
23. 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.
Chapter VII
30. Notice of demand. When tax, etc., payable and when assessee
deemed in default. Mode of recovery. Liability of transferees of
properties in certain cases.
Chapter VIIA
34A. Refunds.
Chapter VIIB
34AA. 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.
Chapter VIII
34B. 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. 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. Publication
of information respecting assessees. Disclosure
of information respecting assessees. Return
of wealth, etc., not to be invalid on certain grounds. 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.
Schedule I
Rates Of Wealth-Tax
Schedule II
Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.
Schedule III
RULES FOR DETERMINING THE VALUE OF ASSETS
PART A - GENERAL PART B -
IMMOVABLE PROPERTY PART C - Omitted by the Finance Act, 1992, w.e.f. 1-4-1993PART D -
ASSETS OF BUSINESS PART E -
INTEREST IN FIRM OR ASSOCIATION OF PERSONS PART F -
LIFE INTEREST PART G -
JEWELLERY PART H -
RESIDUARY
Appendix
Table of ( 1 / p+d - 1)
Appendix
CERTAIN REMAINING PROVISIONS OF ALLIED ACTS REFERRED TO
IN WEALTH-TAX ACT
SECTION 25 OF COMPANIES ACT, 1956 - Power to dispense with
“Limited” in name of charitable or other company. SECTION 85
OF COMPANIES ACT, 1956 - Two kinds of share capital SECTION 360
OF CODE OF CRIMINAL PROCEDURE, 1973 - Order to release on probation of good conduct or
after admonition. SECTION 126
OF INDIAN EVIDENCE ACT, 1872 - Professional communications. SECTION 21
OF INDIAN PENAL CODE, 1860 - “Public servant”. SECTION
193 OF INDIAN PENAL CODE, 1860 - Punishment for false evidence. SECTION
196 OF INDIAN PENAL CODE, 1860 - Using evidence known to be false. SECTION
228 OF INDIAN PENAL CODE, 1860 - Intentional insult or interruption to public servant
sitting in judicial proceeding. SECTION 53A
OF TRANSFER OF PROPERTY ACT - Part performance.
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