Act 27 of 1957

The Wealth-tax Act, 1957

An Act to provide for the levy of wealth-tax.

  • Ministry of Finance
  • Department of Revenue
  • Enacted 1957-09-12
  • 139 sections
SectionTitle
1 Short title, extent and commencement. RepealedRead
2 Definitions. RepealedRead
3 Charge of wealth-tax . RepealedRead
4 Net wealth to include certain assets. RepealedRead
5 Exemptions in respect of certain assets. RepealedRead
6 Exclusion of assets and debts outside India. RepealedRead
7 Value of assets, how to be determined. RepealedRead
8 Wealth-tax authorities and their jurisdiction. RepealedRead
8A [Omitted.]. RepealedRead
8AA [Omitted.]. RepealedRead
8B [Omitted.]. RepealedRead
9 Control of wealth-tax authorities. RepealedRead
9A [Omitted.]. RepealedRead
10 Instructions to subordinate authorities. RepealedRead
10A [Omitted.]. RepealedRead
11 Jurisdiction of Assessing Officers and power to transfer cases. RepealedRead
11A [Omitted.]. RepealedRead
11AA [Omitted.]. RepealedRead
11B [Omitted.]. RepealedRead
12 [Omitted.]. RepealedRead
12A Appointment of Valuation Officers. RepealedRead
13 [Omitted.]. RepealedRead
13A Powers of Director - General or Director, Chief Commissioner or Commissioner and Joint Commissioner to make enquiries. RepealedRead
14 Return of wealth. RepealedRead
14A Power of Board to dispense with furnishing documents, etc., with return of wealth. RepealedRead
14B Filing of return in electronic form. RepealedRead
15 Return after due date and amendment of return. RepealedRead
15A Return by whom to be signed. RepealedRead
15B Self-assessment. RepealedRead
15C [Omitted.]. RepealedRead
16 Assessment. RepealedRead
16A Reference to Valuation Officer. RepealedRead
17 Wealth escaping assessment. RepealedRead
17A Time limit for completion of assessment and reassessment. RepealedRead
17B Interest for defaults in furnishing return of net wealth. RepealedRead
18 Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc. RepealedRead
18A Penalty for failure to answer questions, sign statements, furnish informatio n, allow inspection, etc RepealedRead
18B Power to reduce or waive penalty in certain cases. RepealedRead
18BA Power of Commissioner to grant immunity from penalty. RepealedRead
18C Procedure when assessee claims identical question of law is pending before High Court or Supreme Court. RepealedRead
18D [Omitted.]. RepealedRead
19 Tax of deceased person payable by legal representative. RepealedRead
19A Assessment in the case of executors. RepealedRead
20 Assessment after partition of a Hindu undivided family. RepealedRead
20A Assessment after partial partition of a Hindu undivided family. RepealedRead
21 Assessment when assets are held by courts of wards, administrators-general, etc. RepealedRead
21A Assessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes. RepealedRead
21AA Assessment when assets are held by certain associations of persons. RepealedRead
22 Assessment of persons residing outside India. RepealedRead
22A Definitions. RepealedRead
22B Wealth-tax Settlement Commission. RepealedRead
22BA Jurisdiction and powers of Settlement Commission. RepealedRead
22BB Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances. RepealedRead
22BC Power of Chairman to transfer cases from one Bench to another. RepealedRead
22BD Decision to be by majority. RepealedRead
22C Application for settlement of cases. RepealedRead
22D Procedure on receipt of an application under section 22C. RepealedRead
22DD Power of Settlement Commission to order provisional attachment to protect revenue. RepealedRead
22E Power of Settlement Commission to reopen completed proceedings. RepealedRead
22F Powers and procedure of Settlement Commission. RepealedRead
22G Inspection, etc., of reports. RepealedRead
22H Powers of Settlement Commission to grant immunity from prosecution. RepealedRead
22HA Abatement of proceedings before Settlement Commission. RepealedRead
22HAA Credit for tax paid in case of abatement of proceedings. RepealedRead
22-I Order of settlement to be conclusive. RepealedRead
22J Recovery of sums due under order of settlement. RepealedRead
22K Bar on subsequent application for settlement. RepealedRead
22L Proceedings before the Settlement Commission to be judicial proceedings. RepealedRead
22M [Omitted.]. RepealedRead
23 Appeal to the Deputy Commissioner (Appeals) from orders of Assessing Officer. RepealedRead
23A Appealable orders before Commissioner (Appeals). RepealedRead
24 Appeal to the Appellate Tribunal from orders of the Deputy Commissioner (Appeals). RepealedRead
25 Powers of Commissioner to revise orders of subordinate authorities. RepealedRead
26 Appeal to the Appellate Tribun al from orders of enhancement by Chief Commissioner or Commissioner . RepealedRead
27A Appeal to High Court. RepealedRead
28 Hearing by High Court. RepealedRead
29 Appeal to Supreme Court. RepealedRead
29A Tax to be paid notwithstanding reference, etc. RepealedRead
29B Definition of High Court. RepealedRead
30 Notice of demand. RepealedRead
31 When tax, etc., payable and when assessee deemed in default. RepealedRead
32 Mode of recovery. RepealedRead
33 Liability of transferees of properties in certain cases. RepealedRead
34 [Omitted.]. RepealedRead
34A Refunds. RepealedRead
34AA Appearance by registered valuers. RepealedRead
34AB Registration of valuers. RepealedRead
34AC Restrictions on practice as registered valuer. RepealedRead
34ACC Furnishing of particulars in certain cases. RepealedRead
34AD Removal from register of names of valuers and restoration. RepealedRead
34AE Existing registered valuers to apply afresh. RepealedRead
34B Transfers to defraud revenue to be void. RepealedRead
34C Provisional attachment to protect revenue in certain cases. RepealedRead
35 Rectification of mistakes. RepealedRead
35A Wilful attempt to evade tax, etc. RepealedRead
35B Failure to furnish returns of net wealth. RepealedRead
35C Failure to produce accounts, records, etc. RepealedRead
35D False statement in verification, etc., made under certain provisions of the Act. RepealedRead
35E False statement in verification mentioned in section 34AB. RepealedRead
35EE Failure to furnish particulars under section 34ACC. RepealedRead
35EEE Contravention of order made under second proviso to sub - section ( 1 ) or sub - section ( 3A ) of section 37A. RepealedRead
35F Abetment of false return, etc. RepealedRead
35G Punishment for second and subsequent offences. RepealedRead
35GA Power of Commissioner to grant immunity from prosecution. RepealedRead
35H Offences by Hindu undivided families. RepealedRead
35HA Offences by companies. RepealedRead
35I Prosecutions to be with the previous sanction of certain wealth - tax authorities and their power to compound offences. RepealedRead
35J Certain offences to be non-cognizable. RepealedRead
35K Bar on prosecution and on inadmissibility of evidence in certain circumstances. RepealedRead
35L Jurisdiction of courts. RepealedRead
35M Section 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply. RepealedRead
35N Presumption as to books of account, etc., in certain cases. RepealedRead
35O Presumption as to culpable mental state. RepealedRead
36 Proof of entries in records or documents. RepealedRead
36A Power to tender immunity from prosecution. RepealedRead
37 Power to take evidence on oath, etc. RepealedRead
37A Power of search and seizure. RepealedRead
37B Power to requisition books of account, etc. RepealedRead
37C Application of retained assets. RepealedRead
38 Information, returns and statements. RepealedRead
38A Powers of Valuation Officer, etc. RepealedRead
39 Effect of transfer of authorities on pending proceedings. RepealedRead
40 Computation of periods of limitation. RepealedRead
41 Service of notice. RepealedRead
42 Notice deemed to be valid in certain circumstances. RepealedRead
42A Publication of information respecting assessees. RepealedRead
42B Disclosure of information respecting assessees. RepealedRead
42C Return of wealth, etc., not to be invalid on certain grounds. RepealedRead
42D Presumption as to assets, books of account, etc. RepealedRead
43 Bar of jurisdiction. RepealedRead
44 Appearance before wealth-tax authorities by authorised representatives. RepealedRead
44A Agreement for avoidance or relief of double taxation with respect to wealth-tax. RepealedRead
44B Countries with which no agreement exists. RepealedRead
44C Rounding off of net wealth. RepealedRead
44D Rounding off of tax, etc. RepealedRead
45 Act not to apply in certain cases. RepealedRead
46 Power to make rules. RepealedRead
46A Power to make exemption, etc., in relation to certain Union territories. RepealedRead
47 Power to remove difficulties. RepealedRead
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