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In force

The Wealth-tax Act, 1957

107 sections · As amended up to 2026-08

Sections

  1. 0Section 0
  2. VIII — MISCELLANEOUS
  3. 1Subs. by Act 4 of 1988, s. 127, for "Wealth-tax Officer" (w.e.f. 1-4-1988)
  4. 2Definitions
  5. VI — APPEALS, REVISIONS AND REFERENCES
  6. 3Subs. by Act 21 of 1998, s. 66, for "Deputy Commissioner" (w.e.f. 1-10-1998)
  7. VIII — MISCELLANEOUS
  8. 4Net maintainable rent how to be computed
  9. 5Ins. by Act 41 of 1975, s. 100 (w.e.f. 1-10-1975)
  10. VI — APPEALS, REVISIONS AND REFERENCES
  11. 6Subs. by Act 67 of 1984, s. 65, for "from the date of the order sought to be revised" (w.e.f. 1-10-1984)
  12. VIII — MISCELLANEOUS
  13. 7Adjustment for unearned increase in the value of the land
  14. VII — PAYMENT AND RECOVERY OF WEALTH-TAX
  15. 8Subs. by s. 88, ibid ., for clauses (i) and (ii) (w.r.e.f. 1-10-1984)
  16. VI — APPEALS, REVISIONS AND REFERENCES
  17. 9Clause (a) omitted by Act 3 of 1989, s. 68 (w.e.f. 1-4-1989). Earlier it was amended by Act 46 of 1986, s. 33
  18. IV — ASSESSMENT
  19. 10Instructions to subordinate authorities
  20. III — WEALTH-TAX AUTHORITIES
  21. 11Jurisdiction of Assessing Officers and power to transfer cases
  22. IV — ASSESSMENT
  23. 14Return of wealth
  24. 14APower of Board to dispense with furnishing documents, etc., with return of wealth
  25. 14BFiling of return in electronic form
  26. VIII — MISCELLANEOUS
  27. 15Valuation of interest in firm or association of persons
  28. IV — ASSESSMENT
  29. 15AReturn by whom to be signed
  30. 15BSelf-assessment
  31. VIII — MISCELLANEOUS
  32. 16Computation of net wealth of the firm or association and its allocation amongst the partners or members
  33. IV — ASSESSMENT
  34. 16AReference to Valuation Officer
  35. VIII — MISCELLANEOUS
  36. 17Valuation of life interest
  37. IV — ASSESSMENT
  38. 17ATime limit for completion of assessment and reassessment
  39. 17BInterest for defaults in furnishing return of net wealth
  40. VIII — MISCELLANEOUS
  41. 18Valuation of jewellery
  42. IV — ASSESSMENT
  43. 18APenalty for failure to answer questions, sign statements, furnish information, allow inspection, etc
  44. 18BAPower of Commissioner to grant immunity from penalty
  45. 18CProcedure when assessee claims identical question of law is pending before High Court or Supreme Court
  46. VIII — MISCELLANEOUS
  47. 19Adjustment in value of jewellery for subsequent assessment years
  48. V — LIABILITY TO ASSESSMENT IN SPECIAL CASES
  49. 19AAssessment in the case of executors
  50. VIII — MISCELLANEOUS
  51. 20Valuation of assets in other cases
  52. V — LIABILITY TO ASSESSMENT IN SPECIAL CASES
  53. 20AAssessment after partial partition of a Hindu undivided family
  54. VIII — MISCELLANEOUS
  55. 21Restrictive covenants to be ignored in determining market value
  56. V — LIABILITY TO ASSESSMENT IN SPECIAL CASES
  57. 21AAssessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes
  58. 21AAAssessment when assets are held by certain associations of persons
  59. 22Assessment of persons residing outside India
  60. 22ADefinitions
  61. 22BWealth-tax Settlement Commission
  62. 22BAJurisdiction and powers of Settlement Commission
  63. 22BBVice-Chairman to act as Chairman or to discharge his functions in certain circumstances
  64. 22BCPower of Chairman to transfer cases from one Bench to another
  65. 22CApplication for settlement of cases
  66. 22DProcedure on receipt of an application under section 22C
  67. 22EPower of Settlement Commission to reopen completed proceedings
  68. 22FPowers and procedure of Settlement Commission
  69. 22GInspection, etc., of reports
  70. 22HPowers of Settlement Commission to grant immunity from prosecution
  71. 22JRecovery of sums due under order of settlement
  72. 22LProceedings before the Settlement Commission to be judicial proceedings
  73. VI — APPEALS, REVISIONS AND REFERENCES
  74. 23Appeal to the
  75. 24Appeal to the Appellate Tribunal from orders of the
  76. 25Powers of Commissioner to revise orders of subordinate authorities
  77. 26Appeal to the Appellate Tribunal from orders of enhancement by
  78. 27Reference to High Court
  79. 28Hearing by High Court
  80. 29Appeal to Supreme Court
  81. 29ATax to be paid notwithstanding reference, etc
  82. 29BDefinition of High Court
  83. VII — PAYMENT AND RECOVERY OF WEALTH-TAX
  84. 30Notice of demand
  85. 31When tax, etc., payable and when assessee deemed in default
  86. 32Mode of recovery
  87. 33Liability of transferees of properties in certain cases
  88. 34ARefunds
  89. 34AAAppearance by registered valuers
  90. 34ABRegistration of valuers
  91. 34ACRestrictions on practice as registered valuer
  92. 34ADRemoval from register of names of valuers and restoration
  93. 34AEExisting registered valuers to apply afresh
  94. VIII — MISCELLANEOUS
  95. 34CProvisional attachment to protect revenue in certain cases
  96. 35Rectification of mistakes
  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. 35FAbetment of false return, etc
  103. 35GPunishment for second and subsequent offences
  104. 35GAPower of Commissioner to grant immunity from prosecution
  105. 35HOffences by Hindu undivided families
  106. 35HAOffences by companies
  107. 35JCertain offences to be non-cognizable
  108. 35KBar on prosecution and on inadmissibility of evidence in certain circumstances
  109. 35LJurisdiction of courts
  110. 35MSection 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply
  111. 35NPresumption as to books of account, etc., in certain cases
  112. 36Proof of entries in records or documents
  113. 36APower to tender immunity from prosecution
  114. 37BPower to requisition books of account, etc
  115. 37CApplication of retained assets
  116. 38Information, returns and statements
  117. 38APowers of Valuation Officer, etc
  118. 39Effect of transfer of authorities on pending proceedings
  119. 40Computation of periods of limitation
  120. 41Service of notice
  121. 42Notice deemed to be valid in certain circumstances
  122. 42BDisclosure of information respecting assessees
  123. 42CReturn of wealth, etc., not to be invalid on certain grounds
  124. 42DPresumption as to assets, books of account, etc
  125. 43Bar of jurisdiction
  126. 44Appearance before wealth-tax authorities by authorised representatives
  127. 44AAgreement for avoidance or relief of double taxation with respect to wealth-tax
  128. 44BCountries with which no agreement exists
  129. 44CRounding off of net wealth
  130. 44DRounding off of tax, etc
  131. 45Act not to apply in certain cases
  132. 46Power to make rules
  133. 46APower to make exemption, etc., in relation to certain Union territories
  134. 47Power to remove difficulties