Section List

27/1957 - The Wealth-tax Act, 1957 ▶

Act Number: 27

Act Name: The Wealth-tax Act, 1957

Year: 1957

Enactment Date: 1957-09-12

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

Ministry: Ministry of Finance

Department: Department of Revenue

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