An Act to provide for the levy of wealth-tax.

This levy is no longer charged. No wealth-tax is charged for the assessment year 2016-17 or any year after it. Section 3 was narrowed by the Finance Act, 2015. The Act is not repealed and still governs the years it covered.

Act 27 of 1957 Enacted 12 Sep 1957 In force 01 Apr 1957 Department Department of Revenue

Administered by. Ministry of Finance, Department of Revenue · Other Acts of 1957

What this Act covers

Wealth-tax is no longer charged. Section 3 levies it only for an assessment year beginning before 1 April 2016, the words having been narrowed by the Finance Act, 2015, so no wealth-tax is payable for the assessment year 2016-17 or any year after it. The Act itself has not been repealed and is still the law for the years it covered, which is why assessments, appeals and recoveries under it continue to be litigated.

Sections

Type to filter. 140 sections.

1. 1Short title, extent and commencement
2. 2Definitions
3. 3Charge of wealth-tax
4. 4Net wealth to include certain assets
5. 5Exemptions in respect of certain assets
6. 6Exclusion of assets and debts outside India
7. 7Value of assets, how to be determined
8. 8Wealth-tax authorities and their jurisdiction
9. 8APower of Commissioner respecting specified areas, cases, persons, etc
10. 8AAConcurrent jurisdiction of Inspecting Assistant Commissioner and Wealth-tax Officer
11. 8BPower to transfer cases
12. 9Control of wealth-tax authorities
13. 9ACommissioners of Wealth-tax (Appeals)
14. 10Instructions to subordinate authorities
15. 10ADirectors of Inspection
16. 11Jurisdiction of Assessing Officers and power to transfer cases
17. 11AInspector of Wealth-tax
18. 11AACommissioner competent to perform any function or functions
19. 11BWealth-tax Officer competent to perform any function or functions
20. 12Control of wealth-tax authorities
21. 12AAppointment of Valuation Officers
22. 13Wealth-tax authorities to follow orders, etc., of the Board
23. 13APowers of [Director-General or Director], [Chief Commissioner or Commissioner] and 6 [Joint Commissioner] to make enquiries
24. 14Return of wealth
25. 14APower of Board to dispense with furnishing documents, etc., with return of wealth
26. 14BFiling of return in electronic form
27. 15Return after due date and amendment of return
28. 15AReturn by whom to be signed
29. 15BSelf-assessment
30. 15CProvisional assessment
31. 16Assessment
32. 16AReference to Valuation Officer
33. 17Wealth escaping assessment
34. 17ATime limit for completion of assessment and reassessment
35. 17BInterest for defaults in furnishing return of net wealth
36. 18Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc
37. 18APenalty for failure to answer questions, sign statements, furnish information, allow inspection, etc
38. 18BPower to reduce or waive penalty in certain cases
39. 18BAPower of Commissioner to grant immunity from penalty
40. 18CProcedure when assessee claims identical question of law is pending before High Court or Supreme Court
41. 18DAdditional wealth-tax
42. 19Tax of deceased person payable by legal representative
43. 19AAssessment in the case of executors
44. 20Assessment after partition of a Hindu undivided family
45. 20AAssessment after partial partition of a Hindu undivided family
46. 21Assessment when assets are held by courts of wards, administrators-general, etc
47. 21AAssessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes
48. 21AAAssessment when assets are held by certain associations of persons
49. 22Assessment of persons residing outside India
50. 22ADefinitions
51. 22BWealth-tax Settlement Commission
52. 22BAJurisdiction and powers of Settlement Commission
53. 22BBVice-Chairman to act as Chairman or to discharge his functions in certain circumstances
54. 22BCPower of Chairman to transfer cases from one Bench to another
55. 22BDDecision to be by majority
56. 22CApplication for settlement of cases
57. 22DProcedure on receipt of an application under section 22C
58. 22DDPower of Settlement Commission to order provisional attachment to protect revenue
59. 22EPower of Settlement Commission to reopen completed proceedings
60. 22FPowers and procedure of Settlement Commission
61. 22GInspection, etc., of reports
62. 22HPowers of Settlement Commission to grant immunity from prosecution
63. 22HAAbatement of proceedings before Settlement Commission
64. 22HAACredit for tax paid in case of abatement of proceedings
65. 22-IOrder of settlement to be conclusive
66. 22JRecovery of sums due under order of settlement
67. 22KBar on subsequent application for settlement
68. 22LProceedings before the Settlement Commission to be judicial proceedings
69. 22MCertain persons who have filed appeals to the Appellate Tribunal entitled to make applications to the Settlement Commission
70. 23Appeal to the 3 [Deputy Commissioner (Appeals)] from orders of [Assessing Officer
71. 23AAppealable orders before Commissioner (Appeals)
72. 24Appeal to the Appellate Tribunal from orders of the [Deputy Commissioner (Appeals)
73. 25Powers of Commissioner to revise orders of subordinate authorities
74. 26Appeal to the Appellate Tribunal from orders of enhancement by [Chief Commissioner or Commissioner
75. 27Reference to High Court
76. 27AAppeal to High Court
77. 28Hearing by High Court
78. 29Appeal to Supreme Court
79. 29ATax to be paid notwithstanding reference, etc
80. 29BDefinition of High Court
81. 30Notice of demand
82. 31When tax, etc., payable and when assessee deemed in default
83. 32Mode of recovery
84. 33Liability of transferees of properties in certain cases
85. 34Restrictions on registration of transfers of immovable property in certain cases
86. 34ARefunds
87. 34AAAppearance by registered valuers
88. 34ABRegistration of valuers
89. 34ACRestrictions on practice as registered valuer
90. 34ACCFurnishing of particulars in certain cases
91. 34ADRemoval from register of names of valuers and restoration
92. 34AEExisting registered valuers to apply afresh
93. 34BTransfers to defraud revenue to be void
94. 34CProvisional attachment to protect revenue in certain cases
95. 35Rectification of mistakes
96. 35AWilful attempt to evade tax, etc
97. 35BFailure to furnish returns of net wealth
98. 35CFailure to produce accounts, records, etc
99. 35DFalse statement in verification, etc., made under certain provisions of the Act
100. 35EFalse statement in verification mentioned in section 34AB
101. 35EEFailure to furnish particulars under section 34ACC
102. 35EEEContravention of order made under second proviso to sub-section (1) or sub-section (3A) of section 37A
103. 35FAbetment of false return, etc
104. 35GPunishment for second and subsequent offences
105. 35GAPower of Commissioner to grant immunity from prosecution
106. 35HOffences by Hindu undivided families
107. 35HAOffences by companies
108. 35-IProsecutions to be with the previous sanction of certain wealth-tax authorities and their power to compound offences
109. 35JCertain offences to be non-cognizable
110. 35KBar on prosecution and on inadmissibility of evidence in certain circumstances
111. 35LJurisdiction of courts
112. 35MSection 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply
113. 35NPresumption as to books of account, etc., in certain cases
114. 35-OPresumption as to culpable mental state
115. 36Proof of entries in records or documents
116. 36APower to tender immunity from prosecution
117. 37Power to take evidence on oath, etc
118. 37APower of search and seizure
119. 37BPower to requisition books of account, etc
120. 37CApplication of retained assets
121. 38Information, returns and statements
122. 38APowers of Valuation Officer, etc
123. 39Effect of transfer of authorities on pending proceedings
124. 40Computation of periods of limitation
125. 41Service of notice
126. 42Notice deemed to be valid in certain circumstances
127. 42APublication of information respecting assessees
128. 42BDisclosure of information respecting assessees
129. 42CReturn of wealth, etc., not to be invalid on certain grounds
130. 42DPresumption as to assets, books of account, etc
131. 43Bar of jurisdiction
132. 44Appearance before wealth-tax authorities by authorised representatives
133. 44AAgreement for avoidance or relief of double taxation with respect to wealth-tax
134. 44BCountries with which no agreement exists
135. 44CRounding off of net wealth
136. 44DRounding off of tax, etc
137. 45Act not to apply in certain cases
138. 46Power to make rules
139. 46APower to make exemption, etc., in relation to certain Union territories
140. 47Power to remove difficulties

Schedules

This Act has 3 schedules. A schedule is published as a document of its own; the text is reproduced on its page where it has been read, and the document is mirrored here either way.

• SCHEDULE I467 words
• SCHEDULE II17 words
• SCHEDULE III4,851 words

Related Acts

• The Gift-tax Act, 195881 sections
• The Life Insurance Corporation Act, 195679 sections
• The Securities Contracts (Regulation) Act, 195678 sections
• The Central Sales Tax Act, 195633 sections
• The International Finance Corporation (Status, Immunities and Privileges) Act, 19584 sections
• The State Bank of India Act, 195569 sections
• The Prize Competitions Act, 195520 sections
• The International Development Association (Status, Immunities and Privileges) Act, 19605 sections

Provenance. Recovered from the consolidated text published by India Code on the Act's own item (3fd2ecf9-23b2-4ae9-b5fe-a23fd3c0080f). India Code lists this Act but publishes no sections for it, so there was nothing to harvest, only a document to read.

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Every one of the 140 sections of this Act has its own page. This page is not a substitute for legal advice.