The Wealth-Tax Act, 1957
Central Act ยท Act 27 of 1957131 provisions4 citing judgments
The enactment
| Type | Act |
|---|---|
| Citation | Act 27 of 1957 |
| Year | 1957 |
| Jurisdiction | Central |
| Status | In force as published by the source |
| Provisions published | 131 |
| Subjects | taxation |
Full text, provision by provision
Every provision below opens in full, free and without an account.
- Section 1 Short title, extent and commencement
- Section 2 Definitions
- Section 3 Charge of wealth-tax1 citing judgment
- 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
- Section 8 Wealth-tax authorities and their jurisdiction
- Section 9 Control of wealth-tax authorities
- Section 10 Instructions to subordinate authorities
- Section 11 Jurisdiction of Assessing Officers and power to transfer cases
- Section 12A Appointment of Valuation Officers
- Section 13A Powers of Director-General or Director, Chief Commissioner or Commissioner and Joint Commissioner to make enquiries
- 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 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
- Section 18C Procedure when assessee claims identical question of law is pending before High Court or Supreme Court
- Section 18D Additional wealth-tax
- 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.1 citing judgment
- 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 persons1 citing judgment
- Section 22 Assessment of persons residing outside India
- 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 proceedings 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
- 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
- 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 34A Refunds
- 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
- 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 wealth1 citing judgment
- 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
- Section Appendix Some remaining provisions of the allied countries are specified in the acts mentioned in the Property Tax Act.
- Schedule Schedule I Rates of wealth-tax
- Schedule Schedule III Rules for determining the value of assets
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