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THE WEALTH-TAX ACT, 1957

Title : THE WEALTH-TAX ACT, 1957

Year : 1957

[12th September, 1957.]


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

BE it enacted by Parliament in the Eighth Year of the Republic of
India as follows:-


CHAPTER I
PRELIMINARY


(1) This Act may be called the Wealth-tax Act, 1957.

(2) It extends to the whole of India.

(3) It shall be deemed to have come into force on the 1st day of April, 1957.


 
In this Act, unless the context otherwise requires,-1*

(a) "Appellate Assistant Commissioner" means a person empowered to exercise the functions of an Appellate Assistant Commissioner of Wealth-tax under section 9;

(b) 2* "Appellate Tribunal" means the Appellate Tribunal constituted under section 252 of the Income-tax Act;

(c) "Asses see" means a person by whom wealth-tax or any other sum of MONEY is payable under this Act, and includes:

(i) Every person in respect of whom any proceeding under this Act has been taken for the determination of wealth-tax payable by him or by any other person or the amount of refund due to him or such other person;

(ii) Every person who is deemed to be an asses see under this Act;

(iii) Every person who is deemed to be an asses see in default under this Act;

(ca) "Assessment" includes re-assessment;

(d) "Assessment year" means the period of twelve months commencing on the 1st day of April every year;

(e) 3* "Assets" includes property of every description, movable or immovable, but does not include:

(1) In relation to the assessment year commencing on the 1st day of April, 1969 or any earlier assessment year:

(i) Agricultural land and growing crops, grass or standing trees on such land;

(ii) Any building owned or occupied by a cultivation of, or receiver of rent or revenue out of, agricultural land:

Provided that the building is on or in the immediate vicinity of the land and is a building which the cultivator or the receiver of rent or revenue by reason of his connection with the land requires as a dwelling-house or a store-house or an outhouse;

(iii) Animals;

(iv) A right to any annuity in any case where the terms and conditions relating thereto preclude the commutation of any portion thereof into a lump sum grant;

(v) Any interest in property where the interest is available to an asses see for a period not exceeding six years from the date the interest vests in the asses see;

(2) In relation to the assessment year commencing on the 1st day of April, 1970 or any subsequent assessment year:

(i) Animals;

(ii) A right to any annuity in any case where the terms and conditions relating thereto preclude the commutation of any portion thereof into a lump sum grant;

(iii) Any interest in property where the interest is available to an asses see for a period not exceeding six years from the date the interest vests in the asses see:

4*Provided that, in relation to the State of Jammu and Kashmir, this sub-clause shall have effect subject to the modification that for the assets specified in items (i) to

(iii) Of this sub-clause, the assets specified in items (i) to (v) of sub-clause (1) shall be substituted and the other provisions of this Act shall be construed accordingly;

(f) "Board" means the 5*[Central Board of Direct Taxes constituted under the Central Boards of Revenue Act 1963 (54 of 1963.)

(g) "Commissioner" means a person empowered to exercise the functions of a Commissioner of Wealth-tax under section 10;

(h)6* "Company" means a company as defined in section 3 of the Companies Act, 1956, (1 of 1956.) and includes:

(i) A company within the meaning of any law in force in the State of Jammu and Kashmir relating to companies; 7*

(ii) A company incorporated outside India which has a place of business in India; 8*[and]

(ha)9* "Co-operative society" means a co-operative society registered under the Co-operative Societies Act, 1912.(2 of 1912.) or under any other law for the time being in force in any State for the registration of co-operative societies;

(hb)10* "Director of Inspection" includes an Additional Director of Inspection, a Deputy Director of Inspection and an Assistant Director of Inspection;

(i) "executor" means an executor or administrator of the estate of a deceased person;

(j)11* "Income-tax Act" means the Income-tax Act, 1961 (43.of 1961.);]

(k) "Income-tax Officer" means a person appointed to be an Income-tax Officer under the Income-tax Act;

(l) "Inspecting Assistant Commissioner of Wealth-tax" means a person empowered to exercise the functions of an Inspecting Assistant Commissioner of Wealth-tax under section 11;

(la)12* "Inspector of Wealth-tax" means an Inspector of Income-tax empowered to work as an Inspector of Wealth-tax under section 11A;

(lb)13* "legal representative" has the meaning assigned to it in clause (11) of section 2 of the Code of Civil Procedure, 1908 (5 of 1908.);]

(m) "Net wealth" means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the asses see on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the asses see on the valuation date other than,-

(i) Debts which under section 6 are not to be taken into account; 14*

(ii) Debts which are secured on, or which have been incurred in relation to, 15*[any property in respect of which wealth-tax is not chargeable] under this Act;

(iii) 16* The amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this Act or any law relating to taxation of income or profits, or the Estate Duty Act, 1953, (34 of 1953.) the Expenditure-tax Act, 1957,(29 of 1957.) or the Gift-tax Act, 1958, (18 of 1958.):

(a) Which is outstanding on the valuation date and is claimed by the asses see in appeal, revision or other proceeding as not being payable by him, or

(b) Which, although not claimed by the asses see as not being payable by him, is nevertheless outstanding for a period of more than twelve months on the valuation date;

(n) "Prescribed" means prescribed by rules made under this Act;

(o)17* "Principal officer", used with reference to a company, means the secretary, manager, managing agent or managing director of the company, and includes any person connected with the management of the affairs of the company upon whom the Wealth-tax Officer has served a notice of his intention of treating him as the principal officer thereof;

(oa) "Public servant" has the same meaning as in section 21 of the Indian Penal Code; (45 of 1860.)

(ob) "Regular assessment" means the assessment made under section 16;

(p) "Ruler" means a Ruler as defined in clause (22) of article 366 of the Constitution;

(q) "Valuation date", in relation to any year for which an assessment is to be made under this Act, means the last day of the previous year as defined in 18*[section 3] of the Income-tax Act if an assessment were to be made under that Act for that year:

19*Provided that:

(i) Where in the case of an asses see there are different previous years under the Income-tax Act for different sources of income, the valuation date for the purposes of this Act shall be the last day of the last of the previous years aforesaid;

(ii) In the case of a person who is not an asses see within the meaning of the Income-tax Act, the valuation date for the purposes of this Act shall be the 31st day of March immediately preceding the assessment year;

(iii) Where an assessment is made in pursuance of section 19A, the valuation date shall be the same valuation date as would have been adopted in respect of the net wealth of the deceased if he were alive;]

(r) "Valuer" means a valuer appointed under section 4 of the Estate Duty Act, 1953 (34 of 1953.)

(s) "Wealth-tax Officer" means the Income-tax Officer authorised to perform the functions of a Wealth tax Officer under 20*[this Act].

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1 This Act has been extended with modifications to Dadra and Nagar Haveli, Goa, Daman and Diu, and Pondicherry by Reg. 3 of 1963, s. 3.(1) and Sch. (w.e.f. 1-4-1963).

2 Subs. by Act 46 of 1964, s. 2, for cls. (b), (c) and (d) (w.e.f.1-4-1965).

3 Subs. by Act 14 of 1969, s. 24, for cl. (e) (w.e.f. 1-4-1969).

4 Ins. by Act 19 of 1970, s. 26 (w.e.f. 1-4-1969).

5 Subs. by Act 54 of 1963, s. 5, for certain words (w.e.f. 1-1-1964).

6 Subs. by Act 11 of 1958, s. 14, for cl. (h) (with retrospective effect).

7 The word "and" omitted by Act 20 of 1967, s. 34 (w.e.f. 1-4-1967).

8 Ins. by s. 34, ibid. (w.e.f. 1-4-1967).

9 Ins. by Act 20 of 1967, s. 34 (retrospectively).

10 Ins. by Act 46 of 1964, s. 2 (w.e.f. 1-4-1965).

11 Subs. by s. 2, ibid., for cl. (j) (w.e.f. 1-4-1965).

12 The word "and" omitted by Act 12 of 1959, s. 20.(retrospectively).

13 Subs. by Act 46 of 1964, s. 2, for certain words (w.e.f. 1-4-1965).

14 Ins. by Act 16 of 1972, s. 44 (retrospectively).

15 Relettered ibid. (w.e.f. 1-4-1965)

16 Ins. by Act 12 of 1959, s. 20 (retrospectively).

17 Ins. by Act 46 of 1964, s. 2 (w.e.f. 1-4-1965).

18 Subs. by s. 2, ibid., for "clause (11) of section 2" (w.e.f. 1-4-1965).

19  Subs. by s. 2, ibid., for the proviso (w.e.f. 1-4-1965).

20  Ins. by Act 45 of 1972, s. 7 (w.e.f. 15-11-1972).

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Last updated on September, 2016

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