Wealth Tax Act

Wealth Tax Act

Section Heading

1 2 3

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143 items in 3 pages

1

Short title, extent and commencement

2

Definitions

3

Charge of wealth-tax

4

Net wealth to include certain assets

5

Exemptions in respect of certain assets

6

Exclusion of assets and debts outside India

7

Value of assets, how to be determined

8

Wealth-tax authorities and their jurisdiction

8A

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]

8AA

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]

8B

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]

9

Control of wealth-tax authorities

9A

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]

10

Instructions to subordinate authorities

10A

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]

11

Jurisdiction of Assessing Officers and power to transfer cases

11A

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]

11AA

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]

11B

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987,W.E.F. 1-4-1988]

12

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]

12A

Appointment of Valuation Officers

13

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]

13A

Powers of Director General or Director, Chief Commissioner or Commissioner and Joint Commissioner to make enquiries

14

Return of wealth

15

Return after due date and amendment of return

15A

Return by whom to be signed

15B

Self-assessment

15C

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]

16

Assessment

16A

Reference to Valuation Officer

17

Wealth escaping assessment

17A

Time limit for completion of assessment and reassessment

17B

Interest for defaults in furnishing return of net wealth

18

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

18A

Penalty for failure to answer questions, sign statements, furnish information, allow inspection, etc.

18B

Power to reduce or waive penalty in certain cases

18BA

Power of Commissioner to grant immunity from penalty

18C

Procedure when assessee claims identical question of law is pending before High Court or Supreme Court

18D

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1989, W.E.F. 1-4-1989]

19

Tax of deceased person payable by legal representative

19A

Assessment in the case of executors

20

Assessment after partition of a Hindu undivided family

20A

Assessment after partial partition of a Hindu undivided family

21

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

21A

Assessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes

21AA

Assessment when assets are held by certain associations of persons

22

Assessment of persons residing outside India

22A

Definitions

22B

Wealth-tax Settlement Commission

22BA

Jurisdiction and powers of Settlement Commission

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