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Wealth Tax Act
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Section No
Section Heading
1
2
3
Page size:
select
10
20
50
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
News Section
News
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30 Oct 26
GST Update 2026: CBIC Issues Clarification on R&D and Consultancy Services
CBIC Expands GST E-Invoicing to RCM Supplies and Import of Services from January 1, 2027
Govt Notifies 5% GST on Pre-Packaged Fertilisers & Retreaded Tractor Tyres from November 1, 2026
CBIC Introduces Automatic GST Registration Cancellation, Substitutes Rule 20
29 Oct 26
CBIC Announces November 1, 2026 as Effective Date for Sections 153 to 155 of Finance Act, 2026
GST Export Refunds: CBIC Clarifies Payment Realisation Rules and Recovery Under Rule 96B
CBIC Issues 7 Key Clarifications on Input Service Distributor (ISD) Under GST
GST Portal e-Invoice Services to Remain Temporarily Unavailable on 31st Oct and 1st Nov 2026
28 Oct 26
GSTAT Lucknow Holds Delayed Stock Entries Alone Can’t Justify Confiscation
CBIC Issues New GST Registration Guidelines to Facilitate Genuine Applicants U/S 168(1) of CGST Act
CBIC Clarifies GST Demand Rules: No Mechanical Fraud Allegations or Unreasoned Orders
CBIC Issues New GST Notifications: RCM, Registration and TDS Changes from 1st Nov 2026
27 Oct 26
Phase II reorganisation of Keralam’s State GST department under way
ITAT Ahmedabad Deletes Penalty for Misreporting of Income Over PF and ESI Disallowance
Gujarat HC: GST Authorities Must Inform Taxpayers About Outstanding Audit Documents Within a Reasonable Time
26 Oct 26
PM Modi`s Rs 12 Lakh Tax Relief Remark Sparks Debate Over Taxpayers` Rights
CBDT Clarifies Tax Treatment of BSNL and MTNL VRS-2019 Compensation Under Section 10(10C)
MCA Extends FY 2025-26 Annual Filing Deadlines: AOC-4 Due by 31st Dec 2026, MGT-7 by 31st Jan 2027
25 Oct 26
ITAT Patna Sets Aside Assessment, Directs Fresh Examination of Property Investment & Section 80C Deduction
Rajasthan Launches Statewide GST Enforcement Drive, Detects Potential Tax Irregularities Worth Rs. 2.85 Cr
24 Oct 26
Bombay HC: Proportionate Rights Shares Not Taxable U/S 56(2)(x) Solely Due to Price Difference
Centre to Seek Public Comments on Revised GST Return Forms from November 1
ITAT Ahmedabad Condones 218-Day Delay, Remands Senior Citizen’s LTCG Case for Fresh Hearing
23 Oct 26
CBIC Appoints Common Adjudicating Authority for 7 Customs Notices Against Amway India
GST Reforms to Begin from 1st Nov 2026: Major Changes from April 2027
Orissa HC Issues Notice on Plea Challenging Constitutional Validity of Section 147A of IT Act
UP Govt Introduces Interest Waiver Scheme-2026, Offers Up to 100% Relief on Eligible Tax Arrears
Orissa HC Issues Notice on Plea Challenging Constitutional Validity of Section 147A of IT Act
22 Oct 26
Thiruvananthapuram GSTAT Allows Cashew Exporter to Recover IGST Paid Twice Due to Clerical Errors in GST Returns
Allahabad HC Quashes GST Registration Cancellation Order for Ignoring Taxpayer’s Contentions & Lack of Reasons
GST Council Proposes Simpler Compliance Amid Heavy Tax Payments and ITC Challenges
GST Council Proposes Removing ITC Blocks to Reduce Business Tax Costs
21 Oct 26
CBDT Notifies Form 173A for Tax Exemption Claims on Govt Securities Under Income Tax Act 2025
CBDT Exempts Maharajah INR Bond Interest from TDS for Tax Year 2026-27 Onwards
GSTN Introduces New E-Invoicing Facility for Recipient-Generated Self-Invoices Under RCM
GSTAT Issues SOP on Security Code Regeneration for Appellants and Respondents
Gujarat HC Sets Aside Rs. 43.43 Cr GST Demand Against Amul Over Common Expenses
20 Oct 26
TDS Challan for FY 2025-26 Valid for TY 2026-27 Under Cross-Year Utilisation Rules
Investment Banker Urges India to Scrap Capital Gains Tax on Foreign Investors
FM Sitharaman Flags AI-Driven Capital Outflows as Concern for Indian Stock Markets
19 Oct 26
GSTAT Raipur Affirms Rs. 5.96 Lakh GST Penalty for Expired E-Way Bill Under Section 129
GSTAT Issues Standard Operating Procedure (SOP) for Branch Officer-to-Branch Officer (BO-to-BO) Case Transfers
GSTN Introduces New E-Invoicing Facility for Recipient-Generated Self-Invoices Under RCM
Delhi GSTAT Orders Builder to Pay Rs. 31.20 Lakh with Interest to 66 Homebuyers for Not Passing on ITC Benefits
18 Oct 26
Net Direct Tax Collections Rise 13.21% to Rs 13.38 Lakh Crore Till 14th Oct 2026
Tax Audit Extension Demand to 31st Oct 2026 Amid GST Relief and Court Rulings
17 Oct 26
ITAT Chennai Orders CIT(A) to Condone 315-Day Delay and Adjudicate Assessee’s Appeal on Merits
Delhi GSTAT Orders Builder to Pay Rs. 31.20 Lakh with Interest to 66 Homebuyers for Not Passing on ITC Benefits
ITAT Chennai Allows Additional Evidence in Case of Unexplained Cash Credits Under Sections 68 and 69
16 Oct 26
Govt Plans to Revise GST Inspection Rules to Reduce Unnecessary Checks on Goods Vehicles
Chennai ITAT Upholds Section 153C Jurisdiction Relying on Seized Material, Restores ?13.53 Cr Addition
India’s FY27 Net Direct Tax Collections Rise 13.21% to ?13.38 Lakh Crore as of Oct 14
Central Excise Duty Revised to Rs 2.5 and Rs 8.5 Per Litre from 16th October 2026
RBI Clarifies Foreign Exchange Risk Reserve Rules for Authorised Dealers
Due Date Reminder
Jan
Feb
Mar
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May
June
July
Aug
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Oct
Nov
Dec
All
07 Nov 26
E-filing of details of declarations in Form 127 received in October from buyers for non-deduction of TCS, at the income-tax e-filing portal with TAN login.
07 Nov 26
Payment of TDS/TCS of October. In case of government offices where TDS/TCS is paid by book entry, same shall be paid on the same day on which tax is deducted or collected.
07 Nov 26
Return of External Commercial Borrowings for October.
10 Nov 26
Monthly Return by e-commerce operators for October.
10 Nov 26
Monthly Return by Tax Deductors for October.
11 Nov 26
Monthly Return of Outward Supplies for October.
13 Nov 26
Optional Upload of B2B invoices, Dr/Cr notes for October under QRMP scheme.
13 Nov 26
Monthly Return by Non-resident taxable person for October.
13 Nov 26
Monthly Return of Input Service Distributor for October.
14 Nov 26
Issue of TDS certificate for TDS deducted u/s 393(1) [Table Sl. No. 2(i), 3(i), 6(ii) & 8(vi)] in Sep, on purchase of property, rent above ?50,000 pm by certain individuals/HUF where the lease has terminated, certain other payments by individual/HUF and o
15 Nov 26
Issue of TDS certificates for Q2 of TY 2026-27.
15 Nov 26
Issue of TCS certificates for Q2 of TY 2026-27.
15 Nov 26
Details of Deposit of TDS/TCS of October by book entry by an office of the Government.
15 Nov 26
E-Payment of PF for October.
15 Nov 26
Payment of ESI for October
20 Nov 26
Add/amend particulars (other than GSTIN) in GSTR-1 of October. It can be filed after filing of GSTR-1 but before filing corresponding GSTR-3B.
20 Nov 26
Summary Return cum Payment of Tax for October by Monthly filers (other than QRMP). Claim input tax credit (ITC) for FY 25-26 in GSTR-3B. Issue Credit notes for FY25-26 . Reversal of ITC of FY 25-26 where supplier had filed GSTR-1/IFF but not filed GSTR-3B
20 Nov 26
Monthly Return by persons outside India providing online information and data base access or retrieval services, for October. Also to be filed by every registered person providing online money gaming from a place outside India to a person in India.
21 Nov 26
Online application by a new manufacturing domestic company (other than one to whom transfer pricing provisions apply), filing the ITR for the first time, for exercise of the option u/s 115BAB (15% tax).
21 Nov 26
Filing of the MAT/AMT Audit Report etc., where the due date of the ITR is 30 November.
21 Nov 26
Furnishing of declaration u/s 80GG in respect of rent paid for residential accommodation, if the assessee is required to submit the ITR by 31 October, extended to 21 Nov.
21 Nov 26
Furnishing of particulars for claiming relief u/s 89, if the assessee is required to submit the ITR by 31 October, extended to 21 Nov.
21 Nov 26
Online application by a domestic company (other than one to whom transfer pricing provisions apply), for exercise of the option u/s 115BAA (22% tax).
21 Nov 26
Online application by a new manufacturing domestic company (other than one to whom transfer pricing provisions apply), filing the ITR for the first time, for exercise of the option u/s 115BAB (15% tax).
21 Nov 26
Online application by an individual/HUF carrying on business or profession, for exercise of the option u/s 115BAC(1), where the due date of the ITR is 31 October, extended to 21 Nov.
21 Nov 26
Online application by a resident co-operative society, for exercise of the option u/s 115BAD(1), where the due date of the ITR is 31 October, extended to 21 Nov.
21 Nov 26
Online application by a resident manufacturing co-operative society, for exercise of the option u/s 115BAE(1), where the due date of the ITR is 31 October, extended to 21 Nov.
21 Nov 26
Filing of income tax returns by companies, partnership firms etc. (audit applicable).
21 Nov 26
Statement of foreign income offered for tax for the previous year, and of foreign tax deducted or paid on such income, if the due date of the ITR is 31 October, extended to 21 Nov. (can be filed till end of assessment year)
25 Nov 26
Deposit of GST under QRMP scheme for October .
28 Nov 26
Return for October by persons with Unique Identification Number (UIN) like embassies etc to get refund under GST for goods and services purchased by them.
29 Nov 26
Annual Return by OPCs and Small Companies.
29 Nov 26
Annual Return by companies other than OPCs and small companies.
29 Nov 26
Half yearly Audit Report from April to September of Reconciliation of Share Capital by Unlisted Public Companies.
30 Nov 26
Online Application for alternative tax regime if due date of ITR is 30 Nov.
30 Nov 26
Filing of Income Tax Return where Transfer Pricing applicable.
30 Nov 26
E-filing of statement by non-resident u/s 285, having liason office in India, for FY 2025-26.
30 Nov 26
Deposit of TDS on payment made u/s 393(1) [Table Sl. No. 2(i), 3(i), 6(ii) & 8(vi)] for payment of rent above Rs.50,000 pm by an individual or HUF (not liable to tax audit) where the lease has terminated, purchase of property, certain other payments made
30 Nov 26
Statutory Auditor to file Annual return with National Financial Reporting Authority (NFRA) in respect of entities covered in Clause 3(1)(a) to 3(1)(e) of NFRA Rules 2018. It will not cover tax audits, Limited review & Quarterly audits.
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