Wealth-Tax Act, 1957

Power to reduce or waive penalty in certain cases (1) Notwithstanding anything contained in this Act, the 65[66[***] Commissioner] may, in his discretion, whether on his own motion or otherwise,— (i)   67[***] (ii)   reduce or waive the amount of penalty imposed or imposable on a person under clause (iii) of sub-section (1) of section […]

Penalty for failure to answer questions, sign statements, furnish information, allow inspection, etc. (1) If any person,— (a)   being legally bound to state the truth of any matter touching the subject of his assessment, refuses to answer any question put to him by a wealth-tax authority in the exercise of his powers under this

Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc (1) If the 28[Assessing Officer], 29[Deputy Commissioner (Appeals)], 30[Commissioner (Appeals),] 31[Chief Commissioner or Commissioner] or Appellate Tribunal in the course of any proceedings under this Act is satisfied that any person— (a)   32[***] (b)   has 33[***] failed to comply with a notice under

Interest for defaults in furnishing return of net wealth (1) Where the return of net wealth for any assessment year under sub-section (1) of section 14 or section 15, or in response to a notice under clause (i) of sub-section (4) of section 16, is furnished after the due date, or is not furnished, the

Time limit for completion of assessment and reassessment (1) No order of assessment shall be made under section 16 at any time after the expiry of two years from the end of the assessment year in which the net wealth was first assessable : 2[Provided that,— (a)   where the net wealth was first assessable in

Wealth escaping assessment (1) If the Assessing Officer 87[has reason to believe] 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

Reference to Valuation Officer (1) For the purpose of making an assessment (including an assessment in respect of any assessment year commencing before the date of coming into force of this section) under this Act, 82[where under the provisions of section 7 read with the rules made under this Act, or, as the case may be,

Assessment (1) Where a return has been made under section 14 or section 15 or in response to a notice under clause (i) of sub-section (4),— (i)   if any tax or interest is found due on the basis of such return, after adjustment of any amount paid by way of tax or interest, then,

Provisional assessment Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Original section was inserted by the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965

Self-assessment (1) Where any tax is payable on the basis of any return furnished under section 14 or section 15 or in response to a notice under clause (i) of sub-section (4) of section 16 or under section 17, after taking into account the amount of tax, if any, already paid under any provision of