WEALTH-TAX ACT, 1957

Elevate your legal practice with advanced AI-driven research and drafting solutions. Experience unmatched efficiency, precision, and security, tailored exclusively for legal professionals.

An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers

Please visit our Training & Support
Center or Contact Us for assistance

Scan Me!

India’s Legal research and Law Firm App, Download now!

For Daily Legal Updates, Join us on :

S.1 Short title, extent and commencement

S.2 Definitions

S.3 Charge of wealth-tax

S.4 Net wealth to include certain assets

S.5 Exemptions in respect of certain assets

S.6 Exclusion of assets and debts outside India

S.7 Value of assets how to be determined

S.8 Wealth-tax authorities and their jurisdiction

S.9 Control of wealth-tax authorities

S.10 Instructions to subordinate authorities

S.11 Jurisdiction of Assessing Officers and power to transfer cases

S.12(a) Appointment of Valuation Officers

S.13 Wealth-tax authorities to follow orders, etc., of the Board

S.13(a) Powers of 2[Director-General or Director], 3[Chief Commissioner or Commissioner] and 4[Joint Commissioner] to make enquiries

S.14 Return of Wealth

S.15 Return after due date and amendment of return

S.15(a) Return by whom to be signed

S.15(b) Self-assessment

S.16 Assessment

S.16(a) Reference to Valuation Officer

S.17 Wealth escaping assessment

S.17(a) Time-limit for completion of assessment and reassessment

S.17(b) Interest for defaults in furnishing return of net wealth

S.18 Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc

S.18(a) Penalty for failure to answer questions, sign statements, furnish information, allow inspections, etc

S.18(b) Power to reduce or waive penalty in certain cases

S.18(c) Procedure when assessee claims identical question of law is pending before Hight Court or Supreme Court

S.19 Tax of deceased person payable by legal representative

S.19(a) Assessment in the case of executors

S.20 Assessment after partition of a Hindu Undivided Family

S.20(a) Assessment after partial partition of a Hindu Undivided Family

S.21 Assessment when assets are held by courts of wards, administrators-general, etc

S.21(a) Assessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes

S.21(a)(a) Assessment when assets are held by certain associations of persons

S.22 Assessment of persons residing outside India

S.22(a) Definitions

S.22(b) Wealth-tax Settlement Commission

S.22(b)(a) Jurisdiction and powers of Settlement Commission

S.22(b)(b) Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances

S.22(b)(d) Decision to be by majority

S.22(c) Application for settlement of cases

S.22(d) Procedure on receipt of an application under section 22C

S.22(d)(d) Power of Settlement Commission to order provisional attachment to protect revenue

S.22(e) Power of Settlement Commission to re-open completed proceedings

S.22(f) Powers and procedure of Settlement Commission

S.22(g) Inspection, etc . , of reports

S.22(h) Powers of Settlement Commission to grant immunity from prosecution

S.22(h)(a) Abatement of the proceedings before Settlement Commission

S.22(h)(a)(a) Credit for tax paid in case of abatement of proceedings

S.22(i) Order of Settlement to be conclusive

S.22(j) Recovery of sums due under order of settlement

S.22(k) Bar on subsequent application for settlement

S.22(l) Proceedings before Settlement Commission to be judicial proceedings

S.22(m) Certain persons who have filed appeals to the Appellate Tribunal entitle to make applications to the Settlement Commission

S.23 Appeal to the 1[Deputy Commissioner (Appeals)] from orders of 2[Assessing Officer

S.23(a) Appealable orders before Commissioner (Appeals)

S.24 Appeal to the Appellate Tribunal from orders of the 1[Joint Commissioner (Appeals)]

S.25 Powers of Commissioner to revise orders of subordinate authorities

S.26 Appeal to the Appellate Tribunal from orders of enhancement by 1[Chief Commissioners or Commissioners]

S.27 Reference of High Court

S.27(a) Appeal to High Court

S.28 Hearing by High Court

S.29 Appeal to Supreme Court

S.29(a) Tax to be paid notwithstanding reference, etc

S.29(b) Definition of High Court

S.30 Notice of demand

S.31 When tax, etc., payable and when assessee deemed in default

S.32 Mode of recovery

S.33 Liability of transferees of properties in certain cases

S.34 Restrictions on registration of transfers of immovable property in certain cases

S.34(a) Refunds

S.34(a)(a) Appearance by registered valuers

S.34(a)(b) Registration of valuers

S.34(a)© Restrictions on practice as registered valuer

S.34(a)©© Furnishing of particulars in certain case

S.34(a)(d) Removal from register of names of valuers and restoration

S.34(a)(e) Existing registered valuers to apply afresh

S.34(b) Transfers to defraud revenue to be void

S.34(c) Provisional attachment to protect revenue in certain cases

S.35 Rectification of mistakes