The Wealth-Tax Act, 1957 (27 of 1957): the finance act, 2010 (Bare Act)/ Universal Law Publishing

THE WEALTH-TAX ACT, 1957
Introduction

CHAPTER I
PRELIMINARY
Short title, extent and conrmencement
Definitions
CHAPTER II
CHARGE OF WEALTH-TAX AND ASSETS SUBJECT
TO SUCH CHARGE
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
WEALTH-TAX AUTHORITIES
Wealth-tax authorities and their jurisdiction
[Repealed] [Repealed] [Repealed]
Control of wealth-tax authorities
[Repealed]
Instructions to subordinate authorities [Repealed] Jurisdiction of Assessing Officers and power to transfer cases
[Repealed] [Repealed] [Repealed] [Repealed] Appointment of Valuation Officers [Repealed]
Powers of Director-General or Director, Chief Commissioner or Commissioner and Joint Commissioner to make enquiries
CHAPTER IV
ASSESSMENT
Retiun of Wealth
Return after due date and amendment of return Return by whom to be signed
Self-assessment
[Repealed]
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 inspections, etc. Power to reduce or waive penalty in certain cases Power of Commissioner to grant immimity from penalty CHAPTER IVA SPECIAL PROVISION FOR AVOIDING REPETITIVE APPEALS Procedure when assessee claims identical question of law is pending before Hight Court or Supreme Court CHAPTER IVB [Repealed] i
[Repealed]
CHAPTER V LIABILITY TO ASSESSMENT IN SPECIAL CASES Tax of deceased person payable by legal representative AssessmGiit 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 mcome from property, held under trust for public charitable or reUgious purposes Assessment when assets are held by certain associations of persons Assessment of persons residing outside India CHAPTER VA SETTLEMENT OF CASES
Definitions Wealth-tax Settlement Comirussion 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 Bencli to another . Decision to be by majority Application for settlement of cases Procedure on receipt of an application under sechon 22C Power of Settlement Commission to order provisional attachment to protect revenue ,„„ooHiniT<! Power of Settlement Commission to re-open completed proceedmgs Powers and procedure of Settlement Commission hispection, etc., of reports Powers of Settlement Commission to grant immunity from pros Abatement of the proceedings 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 Settlement Commission to be judicial proceedings [Repealed]
CHAPTER VI
APPEALS, REVISIONS AND REFERENCES 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 Joint 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 of 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
PAYMENT AND RECOVERY OF WEALTH-TAX
Notice of demand When tax, etc., payable and when assessee deemed in-default. Mode of recovery Liability of transferees of properties in certain cases [Repealed]
CHAPTER VIIA
REFUNDS
Refimds
CHAPTER VIIB
REGISTERED VALUERS
Appearance by registered valuers Registration of valuers Restrictions on practice as registered valuer Furnishing of particulars in certain case Removal from register of names of valuers and restoration Existing registered valuers to apply afresh
CHAPTER VIII
MISCELLANEOUS
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 frunish rehims of net wealth
Failure to produce accounts, records, etc.
False statement in verification, etc., made under certain provisions of tlie Act

35E. False statement in verification mentioned in section 34AB
35EE. Failure to furnish particulars imder section 34ACC 35EEE. Contravention of order made under second proviso to sub-section (1) or sub-section (3A) of section 37A
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 35-1. Prosecutions to be with the previous sanction of certain wealth-tax authorities and their power to compoimd offences
35J. Certain offences to be non-cognizable 35K. Bar on prosecutions and on inadmissibilif)' of evidence in
certain circumstances
35L. Jurisdiction of courts 35M. Section 360 of the Code of Criminal Procedure, 1973 and tlie Probation of Offenders Act, 1958, not to apply 35N. Presumption as to books of account, etc., in certain cases 35-0. 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, retiuns and statements 38A, Powers of Valuation Officer, etc. 39; Effect of transfer of autliorities 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 wealtli, 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 autliorities by authorised representahves 44A. Agreement for avoidance or relief of double taxation with respect to wealtli-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
relation to certam Union Territories
44B.
44C.
44D.
45.
46. 46A Power to make exemption, etc., m
95
96
. 47. Power to remove difficulties SCHEDULE /.—Rates of Wealth Tax SCHEDULE II.—lRepenled] , a SCHEDULE ///.—Rules for Determining the Value of Assets