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CONTENTS
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Sections
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Particulars
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-
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Preamble |
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Chapter
I
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Preliminary |
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1
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Short
title, extent and commencement |
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2
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Definitions
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-
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-
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Chapter
II
|
Charge
of Wealth-Tax and Assets subject to such charge |
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3
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Charge
of wealth-tax |
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4
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Net
wealth to include certain assets |
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5
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Exemptions
in respect of certain assets |
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6
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Exclusion
of assets and debts outside India |
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7
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Value
of assets how to be determined |
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-
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-
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Chapter
III
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Wealth-Tax
Authorities |
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8
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Wealth-Tax
authorities and their jurisdiction |
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8A
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Omitted |
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8AA
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Omitted |
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8B
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Omitted |
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9
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Control
of wealth-tax authorities |
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9A
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Omitted |
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10
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Instructions
to subordinate authorities |
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10A
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Omitted |
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11
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Jurisdiction
of Assessing Officers and power to transfer cases |
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11A
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Omitted |
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11AA
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Omitted |
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11B
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Omitted |
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12
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Omitted |
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12A
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Appointment
of Valuation Officers |
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13
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Omitted |
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13A
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Powers
of Director-General or Director, Chief Commissioner or Commissioner
and Deputy Commissioner to make enquiries |
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-
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-
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Chapter
IV
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Assessment |
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14
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Return
of Wealth |
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15
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Return
after due date and amendment of return |
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15A
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Return
by whom to be signed |
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15B
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Self-assessment |
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15C
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Omitted |
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16
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Assessment
|
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16A
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Reference
to Valuation Officer |
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17
|
Wealth
escaping assessment |
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17A
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Time-limit
for completion of assessment and reassessment |
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17B
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Interest
for defaults in furnishing return of net wealth |
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18
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Penalty
for failure to furnish returns, to comply with notices and concealment
of assets |
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18A
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Penalty
for failure to answer questions, sign statements, furnish information,
allow inspections, etc. |
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18B
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Power
to reduce or waive penalty in certain cases |
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-
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-
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Chapter
IV A
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Special
Provision for Avoiding repetitive appeals |
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18C
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Procedure
when assessee claims identical question of law is pending before High
Court to Supreme Court |
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-
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-
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Chapter
IV B
|
Charge
or Additional Wealth-Tax in certain cases |
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18D
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Omitted |
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-
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-
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Chapter
V
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Liability
to Assessment in Special cases |
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19
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Tax
of deceased person payable by legal representative |
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19A
|
Assessment
in the case of executors |
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20
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Assessment
after partition of a Hindu undivided family |
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20A
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Assessment
after partial partition of a Hindu undivided family |
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21
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Assessment
when assets are held by courts of wards, administrators-general, etc. |
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21A
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Assessment
in cases of diversion of property, or of income from property, held
under trust for public charitable or religious purposes |
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21AA
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Assessment
when assets are held by certain association of persons |
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22
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Assessment
of person residing outside India |
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-
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-
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Chapter
V A
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Settlement
of Cases |
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22A
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Definitions
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22B
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Wealth-tax
Settlement Commission |
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22BA
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Jurisdiction
and powers of Settlement Commission |
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22BB
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Vice-Chairman
to act as Chairman or to discharge his functions in certain circumstances
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22BC
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Power
of Chairman to transfer cases from one Bench to another |
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22BD
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Decision
to be by majority |
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22C
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Application
for settlement of cases |
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22D
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Procedure
on receipt of an application under section 22C |
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22DD
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Power
of Settlement Commission to order provisional attachment to protect
revenue |
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22E
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Power
to Settlement Commission to re-open completed proceedings |
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22F
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Powers
and Procedure of Settlement Commission |
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22G
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Inspection,
etc., of reports |
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22H
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Powers
of Settlement Commission to grant immunity from prosecution |
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22HA
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Power
of Settlement Commission to send a case back to the Assessing Officer
if the assessee does not co-operate |
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22-I
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Order
of Settlement to be conclusive |
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22J
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Recovery
of sums due under order of settlement |
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22K
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Bar
on subsequent application for settlement in certain cases |
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22L
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Proceedings
before Settlement Commission to be judicial proceedings |
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22M
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Omitted |
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-
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-
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Chapter
VI
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Appeals,
Revisions and References |
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23
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Appeal
to the Deputy Commissioner (Appeals) from orders of Assessing Officer |
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23A
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Omitted |
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24
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Appeal
to the Appellate Tribunal from orders of the Deputy Commissioner (Appeals) |
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25
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Powers
of Commissioner to revise orders of subordinate authorities |
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26
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Appeal
to the Appellate Tribunal from orders of enchancement |
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27
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Reference
of High Court |
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27A
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Appeal
to High Court |
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28
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Hearing
by High Court |
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29
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Appeal
to Supreme Court |
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29A
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Tax
to be paid notwithstanding reference, etc. |
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29B
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Definition
of High Court |
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-
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-
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Chapter
VII
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Payment
and Recovery of Wealth-Tax |
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30
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Notice
of demand |
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31
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When
tax, etc., payable and when assessee deemed in default |
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32
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Mode
of recovery |
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33
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Liability
of transferees of properties in certain cases |
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34
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Omitted |
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-
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-
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Chapter
VII A
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Refunds
|
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34A
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Refunds
|
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-
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-
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Chapter
VII B
|
Registered
Valuers |
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34AA
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Appearance
by registered valuers |
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34AB
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Registration
of valuers |
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34AC
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Restrictions
on practice as registered valuer |
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34ACC
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Furnishing
of particulars in certain cases |
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34AD
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Removal
from register of names of valuers and restoration |
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34AE
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Existing
registered valuers to apply afresh |
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-
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-
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Chapter
VII
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Miscellaneous
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34B
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Transfers
to defraud revenue to be void |
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34C
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Provisional
attachment to protect revenue in certain cases |
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35
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Rectification
of mistakes |
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35A
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Wilful
attempt to evade tax |
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35B
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Failure
to furnish returns of net wealth |
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35C
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Failure
to produce accounts, records, etc. |
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35D
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False
statement in verification, etc., made under certain provision of the
Act |
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35E
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False
statement in verification mentioned in section 34AB |
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35EE
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Failure
to furnish particulars under section 34ACC |
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35EEE
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Contravention
of order made under second proviso to sub-section (1) or sub-section
(3A) of section 37A |
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35F
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Abetment
of false return, etc. |
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35G
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Punishment
for second and subsequent offences |
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35H
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Offences
by Hindu undivided families |
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35HA
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Offences
by companies |
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35-I
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Prosecutions
to be with the previous sanction of certain wealth-tax authorities
and their power to compound offences |
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35J
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Certain
offences to be non-cognizable |
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35K
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Bar
on prosecutions and on inadmissibility of evidence in certain curcumstances
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35L
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Jurisdiction
of courts |
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35M
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Section
360 of the Code of Criminal Procedure, 1973 and the Probation of Offenders
Act, 1958, not to apply |
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35N
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Presumption
as to books of account, etc., in certain cases |
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35-O
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Presumption
as to culpable mental state |
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36
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Proof
of entries in records or documents |
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36A
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Power
to tender immunity from prosecution |
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37
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Power
to take evidence on oath, etc. |
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37A
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Power
of search and seizure |
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37B
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Power
to requisition books of account, etc. |
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37C
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Application
of retained assets |
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38
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Information,
returns and statements |
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38A
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Powers
of Valuation Officer, etc. |
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39
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Effect
of transfer of authorities on pending proceedings |
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40
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Computation
of periods of limitation |
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41
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Service
of notice |
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42
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Omitted |
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42A
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Publication
of information respecting assessees |
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42B
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Discloure
of information respecting assessees |
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42C
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Return
of wealth, etc. not to be invalid on certain grounds |
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43
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Bar
of jurisdiction |
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44
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Appearance
before Wealth-tax authorities by authorised representatives |
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44A
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Agreement
for avoidance or relief of double taxation with respect to wealth-tax |
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44B
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Countries
with which no agreement exists |
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44C
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Rounding
off of net wealth |
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44D
|
Rounding
off of tax |
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45
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Act
not to apply in certain cases |
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46
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Power
to make rules |
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46A
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Power
to make exemption, etc., in relation to certain Union territories
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47
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Power
to remove diffculties |
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-
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-
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SCHEDULES
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Schedule
1
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Rates
of Wealth Tax |
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-
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-
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Schedule
2
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Omitted |
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-
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-
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Schedule
3
|
Rules
for Determining the value of assets |
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Part
A
|
General
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|
1
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Value
of assets how to be determined |
|
2
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Definitions
|
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-
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-
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Part
B
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Immovable
property |
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3
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Valuation
of immovable property |
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4
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Net
maintaible rent how to be computed |
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5
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Gross
maintainable rent how to be computed |
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6
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Adjustments
to value arrived at under rule 3, for unbuilt area of plot of land
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7
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Adjustment
for unearned increase in the value of the land |
|
8
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Rule
3 not to apply in certain cases |
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-
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-
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Part
C
|
Omitted |
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-
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-
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Part
D
|
Assets
of business |
|
14
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Global
valuation of assets |
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-
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-
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Part
E
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Interest
in firm or association of persons |
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15
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Valuation
of interest in firm or association of persons |
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16
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Computation
of net wealth of the firm or association and its allocation amongst
the partners or members |
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-
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-
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Part
F
|
Life
Interest |
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17
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Valuation
of life interest |
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-
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-
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Part
G
|
Jewellery
|
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18
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Valuation
of jewellery |
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19
|
Adjustment
in value of jewellery for subsequent assessment years |
|
-
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-
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Part
H
|
Residuary
|
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20
|
Valuation
of assets in other cases |
|
21
|
Restrictive
covenants to be ignored in determining market value |
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-
|
Rule
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