+91- 9819886266 office@cdsandassociates.com

Wealth Tax Act

Enter Section No Enter Section Heading
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

17 May 21
Interest for delayed payment on imported goods liable to GST: AAR
GST applicable on Credit Card Expenses incurred by Employees of an Indian Subsidiary: AAAR
GST: Form GSTR-2B for April, 2021 to be generated on May 29, 2021, says GSTN
GST: Delhi HC directs Release of Bank Accounts as No Evidence showing link between Taxable Person and purported Fake Invoices
16 May 21
ICSI extends deadline of ECSIN and UDIN Amnesty Scheme, 2021
ICAI: Compulsory UDINs Updation in Tax Forms at Official Portal
43rd GST Council meeting date in 2021: 1st time this year! Covid relief measures to be announced? Check big expectations, agenda
15 May 21
Railway liable to pay Service Tax on Licensee Fee collecting from Parking Area Contractors: Madras High Court
CBDT notifies Income Tax Exemption to Pension Funds of Various Entities
AO to provide Assessee an opportunity of Cross-examination, If Material collected behind the back of Assessee: ITAT
GST: GSTN extends due date of filing Revocation Application of Cancellation
GST: Input Tax Credit Refund can’t be denied for Technical Glitches in GSTN Software, says Madras High Court
14 May 21
You may get income tax notice for certain transactions. Know what they are
ITAT affirms Assessment of Profit on Main Contract at 8% and Income from Sub-Contracts at 5%
No Service Tax on Remuneration received by Partner of a Firm: CESTAT
DGFT Extends Validity of Registration cum Membership Certificate beyond March 31, 2021 due to COVID-19
13 May 21
Convene virtual meet of GST Council: Bengal finance minister to Sitharaman
CBDT: No Relation from Such News As Cash Transactions Declaration by Hospitals
Due Dates of LLP Forms 3, 8, 11 & KYC for FY 2020-21 Under MCA
ITAT Kolkata Removes Disallowance on Directors’ Commission & Bonus
12 May 21
Proceedings pending before CGST Dept: Calcutta HC quashes proceedings initiated by State GST Dept
GST Evasion: Patiala House Court refuses to grant Anticipatory Bail to person accused of Fraudulently availing ITC and committed fraud to tune of Rs. 45 Cr
CBIC Asks officers to be Attentive Before Issuing Show Cause Notice
GST Compliance for NRIs: Details of Returns, RCM & Refund
Disclosure of Cash Transactions by Hospitals: Income Tax Dept rubbishes News
11 May 21
Why Sitharaman said GST exemptions will make Covid supplies costlier
GST Refund Status: Know the Steps to Track your Application even without logging into GST Portal
GST Exemption will Increase Price of Covid-19 Related Medicines: FM India
10 May 21
SFI Request SC to Free GST on Oxygen Concentrators for Vaccination of Citizens
Tax Exemption U/S 269ST on Cash Payment to Hospitals for Covid Treatment
Know the Cons of Pre-Filled Income Tax Return
09 May 21
Partial Relief to Tata Sons: ITAT allows Income Tax Deduction Claims
CBDT: Benefit to Salaried Person for Allowances in Lieu of Leave Travel Concession
Gujarat HC Likened Seizure of SUV & Mobiles By GST Officer as Dacoity
08 May 21
GST: Delhi High Court sets Timelines for SNN Business Services to clear Tax Dues in installments
SWFs: Exemption to 5 Foreign Companies U/S 10 of Income Tax Act
CBDT: Benefit to Salaried Person for Allowances in Lieu of Leave Travel Concession
07 May 21
Punjab FM writes to Sitharaman, seeks immediate GST Council meeting
GSTN Showcases Helpful Tutorials of New Functionalities on GST Portal
Creation of Fake GST Invoices: Patiala House court grants Bail to accused of GST Scam worth Rs.8 cr
Relief for Salaried Class: CBDT notifies Exemption for Cash Allowance in lieu of Leave Travel Concession, Amends Income Tax Rules
Exemption Notification to be interpreted Strictly: Madras HC upholds Rejection of Refund Claim
06 May 21
Dealer doesn’t disputed Tax Demand: Madras High Court quashes order confirming Imposition of Penalty at 1.5 Times of Tax Demand
Need for a Serious Mid-Term Correction’: Punjab FM writes to Union Minister Nirmala Sitaraman
GSTN issues Module wise New Functionalities deployed on GST Portal for Taxpayers
05 May 21
Telangana HC directs Authority to Refund amount paid towards GST and Penalty on Pretext of Malpractice, Violation of E-Way Bill Rules
CBIC issues Guidelines for Expeditious Customs Clearance of Import of COVID-19 related Equipments or Medicaments through Courier
Delhi High Court issues Notices to Govt on a plea seeking Extensions for Filing Tax Compliances due to COVID-19
ICAI extends validity of Peer Review Certificate in the wake of COVID-19
04 May 21
No TDS applicable on Lease Financial Amount: Karnataka HC allows relief to Lease Financial Company
No Adverse inference to be drawn if Shareholders failed to respond to Notice issued by AO: ITAT deletes Addition
MCA relaxes Deadlines and Additional Fee on certain Forms under Companies Act, 2013
MCA issues clarification on Gap between Two Board Meetings

Due Date Reminder

Jan Feb Mar Apr May June
July Aug Sep Oct Nov Dec
All
18 May 21 Payment of tax for Q4 of 20-21 for taxpayers under Composition Scheme with interest @ 9% p.a. Interest @ 18% pa applicable wef 19.5.21.
20 May 21 Summary Return cum Payment of Tax for April by Monthly filers. (other than QRMP)
20 May 21 Summary Return cum Payment of Tax for Mar for turnover upto 5cr without late fee but with interest @ 9%
22 May 21 Summary Return of Jan-Mar quarter by Quarterly filers without late fee but interest @ 9% in Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep.
24 May 21 Summary Return of Jan-Mar quarter by Quarterly filers without late fee but interest @9% in Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh,Chandigarh or Delhi.
26 May 21 Monthly return of Outward Supplies for April. (other than QRMP)
28 May 21 Optional Upload of B2B invoices, Dr/Cr notes for April under QRMP scheme.
30 May 21 Deposit of TDS on payment made for purchase of property in April.
30 May 21 Deposit of TDS u/s 194M for April.
30 May 21 Statement by Non-resident having Liaison Office in India (u/s 285) for 20-21.
30 May 21 Issue of TCS certificate for March Qtr. By All Collectors.
31 May 21 TDS Statements for Q4 of 20-21.
31 May 21 Statement of Financial Transactions by Assessees liable to Tax Audit receiving cash above 2 lacs against sales & Dividends, Interest, Capital Gains etc. for FY 2020-21.
31 May 21 Statement of Reportable Account u/s 285BA(1) for Calender year 2020.
31 May 21 Filing belated or revised ITR for AY 2020-21.
31 May 21 Monthly Return by Tax Deductors for April.
31 May 21 Monthly Return by e-commerce operators for April.
31 May 21 Monthly Return of Input Service Distributor for April.
31 May 21 Deposit of TDS on payment made for purchase of property in March.
31 May 21 Deposit of TDS @ 5% on total payment of Rent more than 50,000 pm by individual of HUF (not liable to tax audit) during last FY.
31 May 21 Upload of particulars of declarations received in Form 60 from Oct - Mar.
31 May 21 Deposit of TDS  u/s 194M for March.
31 May 21 Return for March quarter of Goods sent to or received from job-worker.
31 May 21 Return of Outwards Supplies for 20-21 by Composition Supplier.
31 May 21 Monthly Return by Non-resident taxable person for April.
05 Jul 21 Summary Return of Jan-Mar quarter by Quarterly filers without late fee and interest in Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep.
05 Jul 21 Payment of TDS/TCS deducted /collected in April.
Readmore...

Blog News

  • 31 Jul 2019 About - C D S & Associates, Chartered Accountants, is a leading accountancy, tax and...
    •

    Enquiry Form

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