Section
Section Title
  Preamble

Chapter I           Preliminary
  1 Short title, extent and commencement View Judgements
  2 Definitions View Judgements

Chapter II           Charge of Wealth-Tax and Assets subject to such charge
  3 Charge of wealth-tax View Judgements
  4 Net wealth to include certain assets View Judgements
  5 Exemptions in respect of certain assets View Judgements
  6 Exclusion of assets and debts outside India View Judgements
  7 Value of assets how to be determined View Judgements

Chapter III           Wealth-Tax Authorities
  8 Wealth-Tax authorities and their jurisdiction View Judgements
  8A Omitted View Judgements
  8AA Omitted View Judgements
  8B Omitted View Judgements
  9 Control of wealth-tax authorities View Judgements
  9A Omitted View Judgements
  10 Instructions to subordinate authorities View Judgements
  10A Omitted View Judgements
  11 Jurisdiction of Assessing Officers and power to transfer cases View Judgements
  11A Omitted View Judgements
  11AA Omitted View Judgements
  11B Omitted View Judgements
  12 Omitted View Judgements
  12A Appointment of Valuation Officers View Judgements
  13 Omitted View Judgements
  13A Powers of Director-General or Director, Chief Commissioner or Commissioner and Deputy Commissioner to make enquiries View Judgements

Chapter IV           Assessment
  14 Return of Wealth View Judgements
  15 Return after due date and amendment of return View Judgements
  15A Return by whom to be signed View Judgements
  15B Self-assessment View Judgements
  15C Omitted View Judgements
  16 Assessment View Judgements
  16A Reference to Valuation Officer View Judgements
  17 Wealth escaping assessment View Judgements
  17A Time-limit for completion of assessment and reassessment View Judgements
  17B Interest for defaults in furnishing return of net wealth View Judgements
  18 Penalty for failure to furnish returns, to comply with notices and concealment of assets View Judgements
  18A Penalty for failure to answer questions, sign statements, furnish information, allow inspections, etc. View Judgements
  18B Power to reduce or waive penalty in certain cases View Judgements

Chapter IVA           Special Provision for Avoiding repetitive appeals
  18C Procedure when assessee claims identical question of law is pending before High Court to Supreme Court View Judgements

Chapter IVB           Charge or Additional Wealth-Tax in certain cases
  18D Omitted View Judgements

Chapter V           Liability to Assessment in Special cases
  19 Tax of deceased person payable by legal representative View Judgements
  19A Assessment in the case of executors View Judgements
  20 Assessment after partition of a Hindu undivided family View Judgements
  20A Assessment after partial partition of a Hindu undivided family View Judgements
  21 Assessment when assets are held by courts of wards, administrators-general, etc. View Judgements
  21A Assessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes View Judgements
  21AA Assessment when assets are held by certain association of persons View Judgements
  22 Assessment of person residing outside India View Judgements

Chapter VA           Settlement of Cases
  22A Definitions View Judgements
  22B Wealth-tax Settlement Commission View Judgements
  22BA Jurisdiction and powers of Settlement Commission View Judgements
  22BB Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances View Judgements
  22BC Power of Chairman to transfer cases from one Bench to another View Judgements
  22BD Decision to be by majority View Judgements
  22C Application for settlement of cases View Judgements
  22D Procedure on receipt of an application under section 22C View Judgements
  22DD Power of Settlement Commission to order provisional attachment to protect revenue View Judgements
  22E Power to Settlement Commission to re-open completed proceedings View Judgements
  22F Powers and Procedure of Settlement Commission View Judgements
  22G Inspection, etc., of reports View Judgements
  22H Powers of Settlement Commission to grant immunity from prosecution View Judgements
  22HA Power of Settlement Commission to send a case back to the Assessing Officer if the assessee does not co-operate View Judgements
  22-I Order of Settlement to be conclusive View Judgements
  22J Recovery of sums due under order of settlement View Judgements
  22K Bar on subsequent application for settlement in certain cases View Judgements
  22L Proceedings before Settlement Commission to be judicial proceedings View Judgements
  22M Omitted View Judgements

Chapter VI           Appeals, Revisions and References
  23 Appeal to the Deputy Commissioner (Appeals) from orders of Assessing Officer View Judgements
  23A Omitted View Judgements
  24 Appeal to the Appellate Tribunal from orders of the Deputy Commissioner (Appeals) View Judgements
  25 Powers of Commissioner to revise orders of subordinate authorities View Judgements
  26 Appeal to the Appellate Tribunal from orders of enchancement View Judgements
  27 Reference of High Court View Judgements
  27A Appeal to High Court View Judgements
  28 Hearing by High Court View Judgements
  29 Appeal to Supreme Court View Judgements
  29A Tax to be paid notwithstanding reference, etc. View Judgements
  29B Definition of High Court View Judgements

Chapter VII           Payment and Recovery of Wealth-Tax
  30 Notice of demand View Judgements
  31 When tax, etc., payable and when assessee deemed in default View Judgements
  32 Mode of recovery View Judgements
  33 Liability of transferees of properties in certain cases View Judgements
  34 Omitted View Judgements

Chapter VIIA           Refunds
  34A Refunds View Judgements

Chapter VIIB           Registered Valuers
  34AA Appearance by registered valuers View Judgements
  34AB Registration of valuers View Judgements
  34AC Restrictions on practice as registered valuer View Judgements
  34ACC Furnishing of particulars in certain cases View Judgements
  34AD Removal from register of names of valuers and restoration View Judgements
  34AE Existing registered valuers to apply afresh View Judgements

Chapter VIII           Miscellaneous
  34B Transfers to defraud revenue to be void View Judgements
  34C Provisional attachment to protect revenue in certain cases View Judgements
  35 Rectification of mistakes View Judgements
  35A Wilful attempt to evade tax View Judgements
  35B Failure to furnish returns of net wealth View Judgements
  35C Failure to produce accounts, records, etc. View Judgements
  35D False statement in verification, etc., made under certain provision of the Act View Judgements
  35E False statement in verification mentioned in section 34AB View Judgements
  35EE Failure to furnish particulars under section 34ACC View Judgements
  35EEE Contravention of order made under second proviso to sub-section (1) or sub-section (3A) of section 37A View Judgements
  35F Abetment of false return, etc. View Judgements
  35G Punishment for second and subsequent offences View Judgements
  35H Offences by Hindu undivided families View Judgements
  35HA Offences by companies View Judgements
  35-I Prosecutions to be with the previous sanction of certain wealth-tax authorities and their power to compound offences View Judgements
  35J Certain offences to be non-cognizable View Judgements
  35K Bar on prosecutions and on inadmissibility of evidence in certain curcumstances View Judgements
  35L Jurisdiction of courts View Judgements
  35M Section 360 of the Code of Criminal Procedure, 1973 and the Probation of Offenders Act, 1958, not to apply View Judgements
  35N Presumption as to books of account, etc., in certain cases View Judgements
  35-O Presumption as to culpable mental state View Judgements
  36 Proof of entries in records or documents View Judgements
  36A Power to tender immunity from prosecution View Judgements
  37 Power to take evidence on oath, etc. View Judgements
  37A Power of search and seizure View Judgements
  37B Power to requisition books of account, etc. View Judgements
  37C Application of retained assets View Judgements
  38 Information, returns and statements View Judgements
  38A Powers of Valuation Officer, etc. View Judgements
  39 Effect of transfer of authorities on pending proceedings View Judgements
  40 Computation of periods of limitation View Judgements
  41 Service of notice View Judgements
  42 Omitted View Judgements
  42A Publication of information respecting assessees View Judgements
  42B Discloure of information respecting assessees View Judgements
  42C Return of wealth, etc. not to be invalid on certain grounds View Judgements
  43 Bar of jurisdiction View Judgements
  44 Appearance before Wealth-tax authorities by authorised representatives View Judgements
  44A Agreement for avoidance or relief of double taxation with respect to wealth-tax View Judgements
  44B Countries with which no agreement exists View Judgements
  44C Rounding off of net wealth View Judgements
  44D Rounding off of tax View Judgements
  45 Act not to apply in certain cases View Judgements
  46 Power to make rules View Judgements
  46A Power to make exemption, etc., in relation to certain Union territories View Judgements
  47 Power to remove diffculties View Judgements

SCHEDULES          

Schedule 1           Rates of Wealth Tax

Schedule 2           Omitted

Schedules           Rules for Determining the value of assets

Schedule 3 - Part A           General
  1 Value of assets how to be determined View Judgements
  2 Definitions View Judgements

Schedule 3 - Part B           Immovable property
  3 Valuation of immovable property View Judgements
  4 Net maintaible rent how to be computed View Judgements
  5 Gross maintainable rent how to be computed View Judgements
  6 Adjustments to value arrived at under rule 3, for unbuilt area of plot of land View Judgements
  7 Adjustment for unearned increase in the value of the land View Judgements
  8 Rule 3 not to apply in certain cases View Judgements

Schedule 3 - Part C           Omitted

Schedule 3 - Part D           Assets of business
  14 Global valuation of assets View Judgements

Schedule 3 - Part E           Interest in firm or association of persons
  15 Valuation of interest in firm or association of persons View Judgements
  16 Computation of net wealth of the firm or association and its allocation amongst the partners or members View Judgements

Schedule 3 - Part F           Life Interest
  17 Valuation of life interest View Judgements

Schedule 3 - Part G           Jewellery
  18 Valuation of jewellery View Judgements
  19 Adjustment in value of jewellery for subsequent assessment years View Judgements

Schedule 3 - Part H           Residuary
  20 Valuation of assets in other cases View Judgements
  21 Restrictive covenants to be ignored in determining market value View Judgements
  Rule
  Appendix



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