How many sections are in The Wealth-tax Act, 1957 (WTA)?

The The Wealth-tax Act, 1957 (WTA) contains a total of 137 sections organized across 11 chapters. The chapters are: Chapter IP — reliminary — 5 sections; Chapter IICH — arge Of Wealth-Tax And Assets Subject To Such Charge — 3 sections; Chapter IIIW — ealth-Tax Authorities — 5 sections; Chapter IVA — ssessment — 4 sections; Chapter VLIA — bility To Assessment In Special Cases — 4 sections; Chapter VIA — ppeals, Revisions And References — 7 sections; Chapter VIIP — ayment And Recovery Of Wealth-Tax — 5 sections; Chapter VIIIMIS — cellaneous — 11 sections; Chapter XI — Part B — 2 sections; Chapter D — Chapter D — 1 sections; Chapter — Sections — 90 sections.

Where can I read the complete WTA bare act online for free?

You can read the complete, updated text of The Wealth-tax Act, 1957 (WTA) with all 137 sections for free at Law on Tips (lawontips.com). Each section includes the full legislative text with chapter-wise navigation.

What does WTA deal with?

The Wealth-tax Act, 1957 (WTA) is an Indian legislation enacted in 1957 passed by the Parliament of India. An Act to provide for the levy of wealth-tax. Abolished from April 2016. Read the complete bare act text with section-by-section navigation at Law on Tips.

What is the full form of WTA?

WTA stands for "The Wealth-tax Act, 1957". It is an Indian legislation containing 137 sections across 11 chapters. You can read the complete WTA bare act with all sections at Law on Tips.

How many sections are in The Wealth-tax Act, 1957 (WTA)?

The The Wealth-tax Act, 1957 (WTA) contains a total of 137 sections organized across 11 chapters. The chapters are: Chapter IP — reliminary — 5 sections; Chapter IICH — arge Of Wealth-Tax And Assets Subject To Such Charge — 3 sections; Chapter IIIW — ealth-Tax Authorities — 5 sections; Chapter IVA — ssessment — 4 sections; Chapter VLIA — bility To Assessment In Special Cases — 4 sections; Chapter VIA — ppeals, Revisions And References — 7 sections; Chapter VIIP — ayment And Recovery Of Wealth-Tax — 5 sections; Chapter VIIIMIS — cellaneous — 11 sections; Chapter XI — Part B — 2 sections; Chapter D — Chapter D — 1 sections; Chapter — Sections — 90 sections.

Where can I read the complete WTA bare act online for free?

You can read the complete, updated text of The Wealth-tax Act, 1957 (WTA) with all 137 sections for free at Law on Tips (lawontips.com). Each section includes the full legislative text with chapter-wise navigation.

What does WTA deal with?

The Wealth-tax Act, 1957 (WTA) is an Indian legislation enacted in 1957 passed by the Parliament of India. An Act to provide for the levy of wealth-tax. Abolished from April 2016. Read the complete bare act text with section-by-section navigation at Law on Tips.

What is the full form of WTA?

WTA stands for "The Wealth-tax Act, 1957". It is an Indian legislation containing 137 sections across 11 chapters. You can read the complete WTA bare act with all sections at Law on Tips.

The Wealth-tax Act, 1957 (WTA) - Complete Bare Act with All 137 Sections

Ch. IP

reliminary

S.1Short title, extent and commencement S.2Definitions S.12[Omitted]S.40[Omitted]S.43[Omitted]

Ch. IICh

arge Of Wealth-Tax And Assets Subject To Such Charge

S.3Charge of wealth-tax .- [(1)] [Inserted by Act 18 of 1992, Section 89 (w.e.f. 1.4.1993). ][Subject to the other provisions (including provisions for the levy of additional wealth-tax) contained in this Act] [ Substituted by Act 4 of 1988, Section 129, for " Subject to the other provisions contained in this Act" (w.e.f. 1.4.1989).], there shall be charged for every [assessment year] [ Substituted by Act 46 of 1964, Section 3, for " Financial year" (w.e.f. 1.4.1965).] commencing on and from the first day of April, 1957 [but before the 1st day of April, 1993] [ Inserted by Act 18 of 1992, Section 90 (w.e.f. 1.4.1993).], a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company [at the rate or rates specified in Schedule I] [ Substituted by Act66 of 1976, Section 27, for " at the rate or rates specified in the Schedule" (w.e.f. 1.4.1977).]S.4Net wealth to include certain assets .-(1) [In computing the net wealth S.7[ Value of assets how to be determined

Ch. IIIW

ealth-Tax Authorities

S.8[ Wealth-tax authorities and their jurisdiction S.9[ Control of wealth-tax authorities S.10[ Instructions to subordinate authorities S.11[ Jurisdiction of Assessing Officers and power to transfer cases S.13Wealth-tax authorities to follow orders, etc., of the Board .-[ Omitted by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), section 132 (w.e.f. 1-4-1988)]

Ch. IVA

ssessment

S.15[ Return after due date and amendment of return S.16[ Assessment S.17Wealth escaping assessment .- [(1) If the Assessing Officer ][has reason to believe] [ Substituted by Act 3 of 1989, Section 66, for " for reasons to be recorded by him in writing, is of the opinion" (w.e.f. 1.4.1989).][that the net wealth chargeable to tax in respect of which any person is assessable under this Act has escaped assessment for any assessment year (whether by reason of under-assessment or assessment at too low a rate or otherwise), he may, subject to the other provisions of this section and section 17-A, serve on such person a notice requiring him to furnish within such period, ] [Substituted by Act 4 of 1988, Section 139, for sub-Section (1)(w.e.f. 1.4.1989). ] [* * *] [ Certain words omitted by Act 32 of 2003, Section 100 (w.r.e.f. 1.4.1989).][as may be specified in the notice, a return in the prescribed form and verified in the prescribed manner setting forth the net wealth in respect of which such person is assessable as on the valuation date mentioned in the notice, along with such other particulars as may be required by the notice, and may proceed to assess or reassess such net wealth and also any other net wealth chargeable to tax in respect of which such person is assessable, which has escaped assessment, and which comes to his notice subsequently in the course of the proceedings under this section for the assessment year concerned (hereafter in this section referred to as the relevant assessment year), and the provisions of this Act shall, so far as may be, apply as if the return were a return required to be furnished under section 14:S.18[ Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc

Ch. VLia

bility To Assessment In Special Cases

S.19Tax of deceased person payable by legal representative .-(1) Where a person dies, his executor, administrator or other legal representative shall be liable to payout of the estate of the deceased person, to the extent to which the estate is capable of meeting the charge, the wealth-tax assessed as payable by such person, or any sum, which would have been payable by him under this Act if he had not died S.20Assessment after partition of a Hindu undivided family .-(1) Where at the time of making an assessment, it is brought to the notice of the [Assessing Officer] that a partition has taken place among the members of a Hindu undivided family, and the [Assessing Officer] [ Substituted by Act 4 of 1988, Section 127, for " Wealth-tax Officer" (w.e.f. 1.4.1988).], after inquiry, is satisfied that the joint family property has been partitioned as a whole among the various members or group of members in definite portions, he shall record an order to that effect and shall make assessment on the net wealth of the undivided family as such for the assessment year or years, including the year relevant to the previous year in which the partition has taken place, if the partition has taken place on the last day of the previous year and each member or group of members shall be liable jointly and severally for the tax assessed on the net wealth of the joint family as such S.21Assessment when assets are held by Courts of wards, administrators-general, etc .-(1) [Subject to the provisions of sub-section (1-A), in the case of assets chargeable to tax under this Act], which are held by a Court of wards or an administrator-general or an official trustee or any receiver or manager or any other person, by whatever name called, appointed under any order of a Court to manage property on behalf of another, or any trust appointed under a trust declared by a duly executed instrument in writing, whether testamentary or otherwise (including a trustee under a valid deed of wakf), the wealth-tax shall be levied upon and recoverable from the Court of wards, administrator-general, official trustee, receiver, manager or trustee, as the case may be, in the like manner and to the same extent as it would be leviable upon and recoverable from the person [on whose behalf or for whose benefit] [ Substituted by Act 46 of 1964, Section 20, for " on whose behalf" (w.e.f. 1.4.1965).] the assets are held, and the provisions of this Act shall apply accordingly S.22Section 22

Ch. VIA

ppeals, Revisions And References

S.23Appeal to the [[Joint Commissioner][(Appeals)] [Substituted by Act 4 of 1988, Section 127, for " Appellate Assistant Commissioner" (w.e.f. 1.4.1988). ] from orders of [Assessing Officer] [ Substituted by Act 4 of 1988, Section 127, for " Wealth-tax Officer" (w.e.f. 1.4.1988).]S.24Appeal to the Appellate Tribunal from orders of the [[Joint Commissioner][(Appeals)] [Substituted by Act 4 of 1988, Section 127, for " Appellate Assistant Commissioner" (w.e.f. 1.4.1988). ]S.25Powers of Commissioner to revise orders of subordinate authorities .-¬(1) The Commissioner may, either of his own motion or on application made by an assessee in this behalf, call for the record of any proceeding under this Act in which an order has been passed by any authority subordinate to him, and may make such inquiry, or cause such inquiry to be made, and, subject to the provisions of this Act, pass such order thereon, not being an order prejudicial to the assessee, as the Commissioner thinks fit:S.26Appeal to the Appellate Tribunal from orders of enhancement by [Chief Commissioners or Commissioners]S.27Reference of High Court .- [(1) The assessee or the ][Chief Commissioner or Commissioner] [ Substituted by Act 4 of 1988, Section 127, for " Commissioners" and " Commissioner" , respectively (w.e.f. 1.4.1988).][may, within sixty days of the date upon which he is served with notice of an order ] [Substituted by Act 46 of 1964, Section 26, for sub-Sections (1) and (2) (w.e.f. 1.4.1965). ] [passed before the 1st day of June, 1999] [ Inserted by Act 27 of 1999, Section 95 (w.e.f. 1.6.1999).][under section 24 or section 26 ] [Substituted by Act 46 of 1964, Section 26, for sub-Sections (1) and (2) (w.e.f. 1.4.1965). ] [or clause (e) of sub-section (1) or section 35] [ Inserted by Act 49 of 1991, Section 79 (w.e.f. 27.9.1991).][, by application in the prescribed form accompanied, where the application is made by the assessee, by ] [Substituted by Act 46 of 1964, Section 26, for sub-Sections (1) and (2) (w.e.f. 1.4.1965). ][a fee of ] [ Substituted by Act 42 f 1970, Section 64, for " a fee of rupees one hundred" (w.e.f. 1.4.1971).][two hundred rupees] [ Substituted by Act 16 of 1981, Section 30, for " one hundred and twenty-five rupees" (w.e.f. 1.6.1981).][require the Appellate Tribunal to refer to the High Court any question of law arising out of such order and, subject to the other provisions contained in this section, the Appellate Tribunal shall, within one hundred and twenty days of the receipt of such application, draw up a statement of the case and refer it to the High Court S.28Hearing by High Court .-When a case has been stated to the High Court [under section 27 or an appeal filed before the High Court under section 27-A], it shall be heard by a Bench of not less than two Judges of the High Court and shall be decided in accordance with the opinion of such Judges or of the majority of such Judges, if any:S.29Appeal to Supreme Court .-(1) An appeal shall lie to the Supreme Court from any judgement of the High Court delivered [before the date of establishment the National Tax Tribunal] on a case stated [under section 27 or an appeal filed under section 27-A] [ Substituted by Act 21 of 1998, Section 74, for " under section 27" (w.e.f. 1.10.1998).] in any case which the High Court certified as a fit case for appeal to the Supreme Court

Ch. VIIP

ayment And Recovery Of Wealth-Tax

S.30[ Notice of demand S.31[ When tax, etc., payable and when assessee deemed in default S.32[ Mode of recovery S.33Liability of transferees of properties in certain cases .-(1) Where by reason of the provisions contained in section 4, the value of any assets transferred to any of the persons mentioned in that section have to be included in the net wealth of an individual, the person in whose name such assets stand shall, notwithstanding anything contained in any law to the contrary, be liable, on the service of a notice of demand by the [Assessing Officer] in this behalf, to pay that portion of the tax assessed on the assessee as is attributable to the value of the asset standing in his name as aforesaid:S.34Section 34

Ch. VIIIMis

cellaneous

S.35[ Rectification of mistakes S.36[ Proof of entries in records or documents S.37Section 37 S.38Information, returns and statements .- [Where, for the purposes of this Act], it appears necessary for [any wealth-tax authority] [ Substituted by Act 4 of 1988, Section 157, for " Wealth-tax Officer" (w.e.f. 1.4.1989).] to obtain any statement or information from any individual, company [(including a banking company)] [ Inserted by Act 4 of 1988, Section 157 (w.e.f. 1.4.1989).], firm, Hindu undivided family or other person, [such wealth-tax authority] [ Substituted by Act 4 of 1988, Section 157, for " Wealth-tax Officer" (w.e.f. 1.4.1989).] may serve a notice requiring such individual, company, firm, Hindu undivided family or other person, on or before a date to be therein specified, to furnish such statement or information on the points specified in the notice, and the individual or the principal officer concerned or the manager of the Hindu undivided family; as the case may be, shall, notwithstanding anything in any law to the contrary, be bound to furnish such statement or information to [such wealth-tax authority] [ Substituted by Act 4 of 1988, Section 157, for " Wealth-tax Officer" (w.e.f. 1.4.1989).]:S.39Effect of transfer of authorities on pending proceedings .-Whenever in respect of any proceeding under this Act any wealth-tax authority ceases to exercise jurisdiction and is succeeded by another who has and exercises such jurisdiction, the authority so succeeding may continue the proceeding from the stage at which the proceeding was left by his predecessor:S.41Service of notice .-(1) A notice or a requisition under this Act may be served on the person therein named either by post or as if it were a summons issued by a court under the Code of Civil Procedure, 1908 (5 of 1908)S.42[ Notice deemed to be valid in certain circumstances S.44[ Appearance before wealth-tax authorities by authorised representatives S.45Act not to apply in certain cases .- [No tax shall be levied under this Act in respect of the net wealth of-]S.46Power to make rules .-(1) The Board may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act S.47[ Power to remove difficulties

Ch. 11

Part B

S.5Gross maintainable rent how to be computed.-For the purposes of rule 4, "gross maintainable rent", in relation to any immovable property referred to in rule 3, means S.6Adjustments to value arrived at under rule 3, for unbuilt area of plot of land.-Where the unbuilt area of the, plot of land on which the property referred to in rule 3 is constructed exceeds the specified area, the value arrived at in accordance with the provisions of rule 3 shall be increased by an amount calculated in the following manner, namely:

Ch. D

Chapter D

S.14Global valuation of assets of business.-(1) Where the assessee is carrying on a business for which accounts are maintained by him regularly, the net value of the assets of the business as a whole, having regard to the balance-sheet of such business on the valuation date after adjustments specified in sub-rule (2) shall be taken as the value of such assets for the purposes of this Act

Ch.

Sections

The Wealth-tax Act, 1957