Wealth Tax Act, 1957

Chapter: I
PRELIMINARY
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
Assessment
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
SPECIAL PROVISION FOR AVOIDING REPETITIVE APPEALS
Section 18C	:	Procedure when assessee claims identical question of law is pending before High Court or Supreme Court
Chapter: IVB
CHARGE OF ADDITIONAL WEALTH-TAX IN CERTAIN CASES
Section 18D	:	Additional wealth-tax
Chapter: V
LIABILITY TO ASSESSMENT IN SPECIAL CASES
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
SETTLEMENT OF CASES
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
APPEALS, REVISIONS AND REFERENCES
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
PAYMENT AND RECOVERY OF WEALTH-TAX
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
REFUNDS
Section 34A	:	Refunds
Chapter: VIIB
REGISTERED VALUERS
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
MISCELLANEOUS
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
ANNEX	:	TEXT OF SECTION 40 OF THE FINANCE ACT, 1983
APPENDIX	:	CERTAIN REMAINING PROVISIONS OF ALLIED ACTS REFERRED TO IN WEALTH-TAX ACT
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