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Wealth Tax Act

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 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

13 Jun 25
ITAT Kolkata Deletes INR 1 Crore Addition, Says Amount Refunded Cannot Be Treated as Income
SPL-01/SPL-02 Filing Glitch: GSTN Issues Advisory for Taxpayers
Madras HC: Tax Officers Must Apply Sense, Not Treat GST Notice Service as Formality
CBDT Begins Processing ITRs for AY24; Long-Awaited Refunds on the Way
12 Jun 25
GST Portal Update: Refund Filing Enabled for QRMP Scheme Taxpayers Post GSTR-3B Submission
GST Circular No. 249/06/2025: DIN Not Required for Online RFN Verification
Income Tax Department Releases Common Offline Utilities for ITR-1 and ITR-4 for AY 2025-26
GSTN Issues Advisory as Over 3 Lakh Amnesty Applications Filed Under Section 128A
GSTN Issues Clarification on HSN Table 12 for B2C Supplies in GSTR-1 Filing
GST Filing Update: GSTR-1 Table 12 Now Divided into B2B and B2C Categories
11 Jun 25
GSTN Clarifies Only B2B Section of Table-12 in GSTR-1 Is Validated
GST Portal Resolves Validation Issue for QRMP Taxpayers Filing Refund Applications
Madras HC Allows 15% Pre-deposit for Late GST Appeal on Non-Reflection of Credit Note, ITC Reversal in GSTR-2A
Allahabad HC Upheld a Penalty for ?77.88 cr in GST Evasion Due to Return Mismatches
CESTAT: Rent Paid to Directors Exempt from Service Tax Under RCM
10 Jun 25
GSTR-3B Filing Alert: Auto-Populated Liability Becomes Non-Editable from July 2025
GSTN Clarifies Only B2B Section of Table-12 in GSTR-1 Is Validated
CBDT Allows Processing of Pending ITRs for AY 2023-24 Till 30th November 2025
Delhi HC Sets Aside Reassessment Notice for Breaching Section 148A Norms
GSTN to Disallow Return Filing Beyond 3 Years from the GST Due Date
09 Jun 25
Adani Group`s Tax Contribution Rises 29% to Rs 74,945 Crore in FY25
GSTN to Restrict Filing of Past Returns Beyond 3 Years Starting July 2025
GSTR-3B Filing Alert: Auto-Populated Liability Becomes Non-Editable from July 2025
08 Jun 25
Rajnath Singh to Urge GST Relief with FM Sitharaman for Defence Start-Ups and MSMEs
Allahabad HC: GST ITC Cannot Be Denied to Buyer Due to Supplier’s Default
CESTAT Kolkata: No Service Tax on Hostel Fees for Non-Residential Coaching Courses
07 Jun 25
RBI Slashes Repo Rate by 50 bps to 5.50% in June 2025
Delhi CGST Sets Up Helpdesk to Assist Taxpayers Facing GST Registration Issues
Vapi CGST, Gujarat Imposes ?13.18 Lakh GST Penalty on Pidilite Industries
06 Jun 25
CBDT Notifies Tax Info Sharing to Aid Maharashtra`s Girl Child Welfare Scheme
Income Tax Department Launches 360-Degree Profiling to Track HNIs Underreporting Income
GST 2.0: Finance Ministry Holds Talks with Industry on Simplifying Tax Structure
Orissa HC Allows Hearing Due to GST Notice Delay During Petitioner’s Medical Treatment
Madras HC: GST Notice Must Be Properly Served via RPAD If No Response on Portal
MCA Issues Notification for Amendment of GNL-1 Form Via F. No. 01/16/2013 CL-V (Pt-I)
05 Jun 25
GST Council may eliminate 12% tax slab, to shift items to 5% and 18% rates: Report
Patna HC Permits Rectification of GSTR-3B Form to Align with GSTR-1 Data
TNHB Cannot Demand Additional 5% GST After Full Payment Including Tax
HP High Court: Reassessment Notice Under Section 148 Invalid Without Proper Reasons
04 Jun 25
Punjab registers record 25.3% growth in GST collections for May
GST collection high a result of maturing system
MCA to Launch 38 Final Company Forms on V3 Portal from July 14, 2025
Turning point’ for intermediaries? GST Council may grant export status, slash 18% levy: Report
03 Jun 25
Gauhati HC: Summary in DRC-01 Cannot Replace Mandatory SCN Under GST Law
MCA Set to Unveil 38 e-Filing Forms on V3 Portal from 14th July 2025
Delhi HC Orders GST Dept to Release Tax Refund if No Appeal Is Filed Against Appellate Authority’s Order
GST SCN Valid Even If Verification Report Is Unshared, Madras HC Orders Dept to Furnish Report
02 Jun 25
MCA to Launch 38 Final Company Forms on V3 Portal from July 14, 2025
FM Sitharaman Urges Tax Officials to Uphold Trust After GST Registration Complaint
Gross GST collections surge 16.4% to Rs 2.01 lakh crore in May

Due Date Reminder

Jan Feb Mar Apr May June
July Aug Sep Oct Nov Dec
All
14 Jun 25 Issue of TDS Certificate for tax deducted u/s 194-IA on payment made for purchase of property in April.
14 Jun 25 Issue of TDS Certificate for tax deducted on rent above 50,000 pm by certain individuals/HUF under Section 194-IB where lease has terminated in April.
14 Jun 25 Issue of TDS Certificate for tax deducted u/s 194M on certain payments by individual/HUF in April.
14 Jun 25 Issue of TDS Certificate for tax deducted u/s 194S on Virtual Digital Assets in April.
14 Jun 25 Free update of Aadhar. Update and upload your Proof of Identity & Proof of Address documents.
15 Jun 25 E-Payment of PF for May.
15 Jun 25 Payment of ESI for May
15 Jun 25 Deposit of First Instalment of Advance Tax (15%) by all assessees (other than 44AD & 44ADAD cases).
15 Jun 25 Issue of Salary TDS Certificates for FY 24-25.
15 Jun 25 Issue of other TDS Certificates for Q4 of FY 24-25.
15 Jun 25 Details of Deposit of TDS/TCS of May by book entry by an office of the Government.
20 Jun 25 Monthly Return by persons outside India providing online information and data base access or retrieval services, for May.
20 Jun 25 Summary Return cum Payment of Tax for May by Monthly filers. (other than QRMP).
25 Jun 25 Deposit of GST of May under QRMP scheme.
28 Jun 25 Return for May by persons with Unique Identification Number (UIN) like embassies etc to get refund under GST for goods and services purchased by them.
29 Jun 25 Return of Statutory Compliances within 90 days from the close of the first financial year after its incorporation and where applicable,the second financial year.
30 Jun 25 All private companies (other than OPC and small companies) to dematerialize their existing shares, debentures and other securities and ensure that any future issuance or transfer of securities is in Demat form only.
30 Jun 25 Annual Return of Deposits by Companies other than NBFCs for FY 24-25.
30 Jun 25 "Director’s Disclosure of Interest and Non-disqualification by Companies. Discloses Director’s interest in the Companies, Firms, Body Corporates and Association of Individuals. "
30 Jun 25 "Yearly Disclosure of Non- Disqualification by Directors of all companies. Discloses Director’s interest only in Companies. "
30 Jun 25 Holding of Board Meeting by Companies for Q1 .
30 Jun 25 Annual RoDTEP Return (ARR)for the financial year 2023-24. Grace period is also extended from 30.06.2025 to 30.09.2025 with late fee of Rs. 10,000. If the total RoDTEP claim for a given IEC exceeds Rs. 1 crore in a financial year, filing the Annual RoDTEP
30 Jun 25 Efiling of Annual Statement of Equalisation Levy for 2024-25. (Google Tax/Tax on Digital Ads by service recipient on payments above 1 lac to a foreign service provider)
30 Jun 25 Online annual updation of IEC details . If no changes, confirm same online. Else IEC will be deactivated.
30 Jun 25 Summary of Outward & Inward supplies for FY 24-25 by Composition taxpayer.
30 Jun 25 File application for waiver of interest and penalty for non-fraudulent GST demand notices issued u/s 73 if full tax amount is paid by March 31, 2025. Applicable for FY 2017-18, 2018-19 & 2019-20.
30 Jun 25 Quarterly return of non-deduction at source by banks from interest on time deposit for January-March quarter.
30 Jun 25 Deposit of TDS u/s 194-IA on payment made for purchase of property in May.
30 Jun 25 Deposit of TDS u/s 194-IB @ 5% on total payment of Rent more than 50,000 pm by individual or HUF (not liable to tax audit) during FY 24-25, where lease has terminated in May. (Else TDS is to be deposited on annual basis by 30 April of next year.)
30 Jun 25 Deposit of TDS on certain payments made by individual/HUF u/s 194M for May.
30 Jun 25 Deposit of TDS on Virtual Digital Assets u/s 194S for May.
30 Jun 25 Application for registration/provisional registration, intimation, approval/provisional approval of Trusts etc.
30 Jun 25 Application for conversion of provisional registration to regular or renewal of registration /approval after 5 years of registration /approval of Trust, institution, etc.
30 Jun 25 Annual Return of Securities Transaction Tax by Listed Cos/Mutual Funds for FY 2024-25 .
30 Jun 25 Summary of Outward & Inward supplies for FY 24-25 by Composition taxpayer.
30 Jun 25 Standalone Annual Report on Corporate Social Responsibility by Companies to whom CSR is applicable for FY 23-24.
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