Kumarsinghandassociates@gmail.com

Wealth Tax Act

Section NoSection Heading
123
Page size:
select
 143 items in 3 pages
1Short title, extent and commencement
2Definitions
3Charge of wealth-tax
4Net wealth to include certain assets
5Exemptions in respect of certain assets
6Exclusion of assets and debts outside India
7Value of assets, how to be determined
8Wealth-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]
9Control of wealth-tax authorities
9A[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
10Instructions to subordinate authorities
10A[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
11Jurisdiction 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]
12AAppointment of Valuation Officers
13[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
13APowers of Director General or Director, Chief Commis­sioner or Commissioner and Joint Commissioner to make enquiries
14Return of wealth
15Return after due date and amendment of return
15AReturn by whom to be signed
15BSelf-assessment
15C[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]
16Assessment
16AReference to Valuation Officer
17Wealth escaping assessment
17ATime limit for completion of assessment and reassess­ment
17BInterest for defaults in furnishing return of net wealth
18Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc.
18APenalty for failure to answer questions, sign state­ments, furnish information, allow inspection, etc.
18BPower to reduce or waive penalty in certain cases
18BAPower of Commissioner to grant immunity from penalty
18CProcedure 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]
19Tax of deceased person payable by legal representative
19AAssessment in the case of executors
20Assessment after partition of a Hindu undivided family
20AAssessment after partial partition of a Hindu undivided family
21Assessment when assets are held by courts of wards, administrators-general, etc.
21AAssessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes
21AAAssessment when assets are held by certain associ­ations of persons
22Assessment of persons residing outside India
22ADefinitions
22BWealth-tax Settlement Commission
22BAJurisdiction and powers of Settlement Commission

News Section

News

05 May 26
Form 164 Under IT Act 2025: Mandatory Reporting Rules for Film, OTT & Event Producers
HP HC Slams GST Action, Frees ?4.27 Cr ITC Under IBC Supremacy
How ITR Software Simplifies Responding to Tax Notices
ICAI Releases Draft Panel for Appointment of Statutory Auditors of Co-operative Banks for FY 2026-27
DFS Pushes for Tech-Driven Insurance Growth and Broader Coverage Across India
04 May 26
Form 14 Under Income Tax Act 2025: New Approval Framework for In-House R&D
Form 164 Under IT Act 2025: Mandatory Reporting Rules for Film, OTT & Event Producers
03 May 26
Allahabad HC Quashes GST ITC Block Order for Absence of ‘Reason to Believe’
GST Revenue Collections Reach ?2.43 Lakh Crore in April 2026, Up 8.7%
02 May 26
Karnataka High Court Sets Aside GST Order, Grants Fresh Opportunity to Taxpayer
GST Registrations from Co-Working Spaces Under Scanner Amid Rise in Fake Entity Concerns
How ROC Software Manages Multi-Entity Data with Compliance
01 May 26
GST Rate Changes Notified for Beverage Categories from 1st May 2026
Delhi Introduces Lottery-Based GST Officer Posting System to Boost Transparency
Manual vs GST Software: Best Way for Filing GSTR-1
30 Apr 26
Income Tax Rules 2026: PAN Now Mandatory for Post Office Transactions
New Tax Rule 2026: Form 172 Filing Made Mandatory for Investment Funds in India
New Form 122: Tax Declaration for Salaried Employees
No Relief for Wrong GST E-Way Bill Details: Calcutta HC Confirms Penalty U/S 129
GST Refund Delays Push MSMEs Into Liquidity Crisis
29 Apr 26
Form 185: New PF Reporting Rules Under Income Tax Act 2025
Jharkhand HC Dismisses Tata Steel’s Writ Petition in Alleged Wrongful GST ITC Claim Case
ITR-1 Changes AY 2026-27: Portal vs Software Filing
Allahabad HC Rejects Plea to Restore GST Registration Filed Beyond 4-Month Limit
28 Apr 26
RBI Issues Final Directions on Forex Derivatives Reporting for AD Category-I Banks
Form 65 Under Income Tax Act 2025: Complete Guide to 10% Tax on Patent Royalty
Gujarat HC: Income Tax Returns Don’t Reflect True Earnings, Rejects Plea to Reduce Maintenance
MP HC Quashes ?7 Crore GST Demand, Rules Assistant Commissioner Not a Proper Officer Without Council Nod
Calcutta HC Orders Electricity Duty to Be Considered Under IT Section 80-IA Valuation
27 Apr 26
Form 25 Under Income Tax Rules 2026: Key Rules for Medical Professionals
Aadhaar Not a Valid Proof of Date of Birth: UIDAI Issues Official Clarification
26 Apr 26
Gujarat GST AAR Allows ITC on Input Services for Structural Supports of Plant & Machinery
Madras HC Grants Fresh Hearing, Sets Aside Multiple GST Orders for Same FY Issues
How Balance Sheet Software Eases Audit Report Certificates
25 Apr 26
MCA Issues Advisory to Improve Ticket Resolution on MCA Portal
Uttarakhand HC Grants Relief in GST Cancellation Case, Citing Division Bench Precedent
24 Apr 26
RBI Data Shows Moderation in Sales Growth of FDI Companies in India During FY25
MCA Issues Advisory to Improve Ticket Resolution on MCA Portal
Delhi HC Quashes GST Order Citing Hearing Denial, Imposes ?50K Cost on Petitioner
Supreme Court Upholds Calcutta HC Ruling in Britannia Case; Rejects Tax Department Plea
How ROC Software Automates Annual Filing & Data Preparation
23 Apr 26
DIR-3 KYC Filing Gets Costly: MCA Notifies Rs 5000 Penalty for Late Filing
CBDT Issues Form 38 FAQs on Foreign Remittance Certificate Under IT Rules 2026
Delhi HC Quashes Order, Says Reminder Cannot Validate Improperly Served GST SCN
Madras HC Upholds Late GST Filing Fee for Incomplete GSTR 9C Annual Return
Madras High Court Relief to GAIL: GST Demand Invalid if Tax Already Deposited
22 Apr 26
TAN Forms 134 and 135: Features, Structure and Benefits
ACME Solar Holdings Ltd Gets Major Relief as Rajasthan HC Puts GST Notice on Hold
CBDT Denies IT Raid Allegations by TN Congress Leader, Calls Claims Baseless
Form 126 Replaces 15C & 15D: Key Changes in Nil TDS Certificate for Non-Residents

Due Date Reminder

Jan Feb Mar Apr May June
July Aug Sep Oct Nov Dec
All
07 May 26 Return of External Commercial Borrowings for April.
07 May 26 "Payment of TDS/TCS of April. 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. Note : Now TDS/TCS has to be deposited under new sections 392/393/394 under IT Act, 2025. "
07 May 26 "Seller to upload declarations received in April, from buyers for non-deduction of TCS. "
10 May 26 Monthly Return by Tax Deductors for April.
10 May 26 Monthly Return by e-commerce operators for April.
11 May 26 Monthly Return of Outward Supplies for April.
13 May 26 Optional Upload of B2B invoices, Dr/Cr notes for April under QRMP scheme.
13 May 26 Monthly Return by Non-resident taxable person for April.
15 May 26 Monthly Return of Input Service Distributor for April.
15 May 26 E-Payment of PF for April.
15 May 26 Payment of ESI for April
15 May 26 Issue of TDS Certificate for tax deducted u/s 194-IA on payment made for purchase of property in March.
15 May 26 Issue of Annual TDS Certificate for tax deducted on rent above 50,000 pm by certain individuals/HUF under Section 194-IB in March. (In case of termination of lease during the year, single TDS certificate is to be issued in 15 days from due date of deposit).
15 May 26 Issue of TDS Certificate for tax deducted u/s 194M on certain payments by individual/HUF in March.
15 May 26 Issue of TDS Certificate for tax deducted u/s 194S on Virtual Digital Assets in March.
15 May 26 Details of Deposit of TDS/TCS of April by book entry by an office of the Government.
15 May 26 Quarterly Statement of TCS for January-March.
20 May 26 Monthly Return by persons outside India providing online information and data base access or retrieval services, for April.
20 May 26 Add/amend particulars (other than GSTIN) in GSTR-1 of April. It can be filed after filing of GSTR-1 but before filing corresponding GSTR-3B.
20 May 26 Summary Return cum Payment of Tax for April by Monthly filers. (other than QRMP).
25 May 26 Deposit of GST of April under QRMP scheme.
28 May 26 Return for April by persons with Unique Identification Number (UIN) like embassies etc to get refund under GST for goods and services purchased by them.
30 May 26 ITC reversal on stocks and capital goods by person opting for Composition scheme in FY 26-27.
Readmore...

Blog News

Enquiry Form

Please send us your query and we'll be happy to assist you