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Wealth-tax Act

Latest Articles


Section 55A- Reference to Valuation officer

Income Tax : Article discusses about Basic provisions, Circumstances in which reference under section 55A of Income Tax Act, 1961 can be made t...

June 9, 2022 62279 Views 2 comments Print

All about Wealth Tax Act, 1957

Income Tax : Article discusses about Basic provisions, Following entities are not liable to pay wealth-tax, Manner of computation of net wealth...

May 19, 2018 138902 Views 9 comments Print

How to file online Rectification Request for Wealth Tax Return

Income Tax : To file your Rectification request online for Wealth Tax Return files online on Income Tax Online Portal , you should be a registe...

May 28, 2016 3313 Views 0 comment Print

5 Major Reasons Behind Income Tax Notices

Income Tax : Although it’s quite common to receive notices from IT department, people do get scared when they get one. What one needs to ...

November 3, 2015 7169 Views 0 comment Print

Mandatory e-Filing of ITR / Wealth Tax Returns with or Without Digital Signature for A.Y. 2015-16

Income Tax : Recently we received an email from A CA from Delhi in which he said that Income Tax officers are not accepting ITR 3 and 4 despite...

September 4, 2015 14435 Views 0 comment Print


Latest News


Non-applicability of Wealth-tax for November, 2015 CA Final Examination

CA, CS, CMA : The Finance Bill, 2015, introduced in the Parliament on 28th February, 2015, has proposed to abolish the levy of wealth-tax under ...

April 30, 2015 3463 Views 0 comment Print

CBDT releases Form BB (Return of Net Wealth) for AY 2014-15

Income Tax : CA Sandeep Kanoi A company and an assessee being individual or HUF who is liable to audit u/s 44AB are required to furnish Form BB...

July 4, 2014 20982 Views 0 comment Print

I-T returns should also include wealth tax returns – TARC

Income Tax : Filing of tax returns o    I-T returns should also include wealth tax return so that the taxpayer need not separately file weal...

June 18, 2014 1370 Views 0 comment Print

DTC to be bulkier than existing Income Tax Act

Income Tax : The proposed Direct Taxes Code (DTC), which will replace the archaic Income Tax Act, is bulkier than the existing law, as the new ...

August 31, 2010 756 Views 0 comment Print


Latest Judiciary


Diamond Jewelry Included in Gross Weight, Not Added Separately to Wealth: ITAT

Income Tax : Read the detailed analysis of Shekhar Agarwal Vs ACIT case where ITAT Delhi deletes addition of diamond jewellery found during sea...

March 7, 2024 618 Views 0 comment Print

Limitation & restriction should be considered for valuation of shares for gift tax: SC

Income Tax : Supreme Court held that the valuation of shares for the purpose of gift tax needs to take into consideration the limitations and r...

October 21, 2022 5451 Views 0 comment Print

ITAT allows rectification of Mistake in Assessing vacant land to Wealth Tax

Income Tax : Wipro GE Healthcare Pvt. Ltd. Vs DCIT (ITAT Bangalore) We notice that there was difference of opinion between the assessee and the...

February 18, 2022 708 Views 0 comment Print

No market value could be ascribed for valuation of seized gold/assets for Wealth Tax

Income Tax : mere legal ownership will not be enough to fasten liability on the assessee in respect of the market value of the seized assets ev...

June 16, 2021 1605 Views 0 comment Print

No Penalty under Wealth tax if AO not specifies that default relates to concealment and/or furnishing of inaccurate particulars

Income Tax : Smt. Yannaben Anilbhai Jethani Vs ITO (ITAT Rajkot) We find that the issue for our consideration is, whether penalty initiated and...

June 4, 2021 2739 Views 0 comment Print


Latest Notifications


​Names of valuers as per Order u/s 34AD of Wealth Tax Act, 1957

Income Tax : Order u/s 34AD of the Wealth Tax Act. 1957 In exercise of the powers conferred on the Chief Commissioner or Director General of In...

October 6, 2020 7518 Views 0 comment Print

Monetary limits for filing/withdrawal of Wealth Tax appeals by dept

Income Tax : Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through ...

February 5, 2019 2613 Views 0 comment Print

Compounding of Offences under Income Tax Act, 1961 & Wealth tax Act, 1957

Income Tax : F.No. 285/90/2013 IT(Inv.V) Guidelines for Compounding of Offences under Income Tax Act, 1961/Wealth tax Act, 1957 in cases of pe...

September 4, 2015 4096 Views 0 comment Print

Extension of due date of filing return of wealth for A.Y. 2015-16 to 07.09.2015

Income Tax : In view of CBDT order F.No.225/154/2015/ITA-II dated 2.9.2015 issued under section 119 of the Income-tax Act, extending the due da...

September 3, 2015 3173 Views 0 comment Print

Extension of due date of filing Return of wealth for A.Y, 2015-16

Income Tax : Central Board of Direct Taxes vide order under section 119 of the Income-tax Act F.No.225/154/ 2015/ETA-II dated 10.6.2015 has ext...

July 27, 2015 15418 Views 0 comment Print


No addition for jewellery for mere non-match with description in Wealth-tax returns

January 4, 2019 1554 Views 0 comment Print

Rajkumar B. Agarwal Vs DCIT (ITAT Pune) No addition on account of jewellery items on seized documents did not tally with description of jewellery in Wealth-tax returns in case total weight of jewellery was same Conclusion: Where total gold jewellery in weight found at the time of search matched with the earlier declarations made by […]

No Wealth Tax on Commercial Asset which is Capable of being put to Productive Use

October 10, 2018 1446 Views 0 comment Print

M/s. Chavva Estates Private Vs Wealth Tax Officer (ITAT Hyderabad) We find that as long as the assessee owns the commercial asset, which is capable of being put to productive use, the said commercial asset is not exigible to Wealth Tax. In this case, the assessee along with two other companies owns the theatre but […]

Wealth Tax leviable on land on which Construction is under process

July 5, 2018 1455 Views 0 comment Print

Only a land in which the building is completely constructed stands excluded under the exclusionary provision under Explanation (1 )(b)(ii) of Section 2(ea) of Wealth Tax Act, 1957

No wealth tax on land used for business purpose by construction / set up of office and service centre

May 25, 2018 2475 Views 0 comment Print

Dongfang Electric (India) P Ltd Vs DCWT (ITAT Kolkata) Assets deployed for service activities are treated as productive assets and accordingly the construction / set up of office and service centre by the assessee and used as such for its business purposes would be outside the ambit of wealth tax in the same manner in […]

Wealth Tax on land and building which is not used for business purposes

May 23, 2018 1287 Views 0 comment Print

Writ of prohibition restraining the respondents fromgiving effect to the notices issued for assessment dated 22nd May, 1987, notices for penalty dated 4th August, 1987 and notices for launching of prosecution dated 31st July, 1987 all under the Wealth Tax Act, 1957 (Wealth Tax Act); and

All about Wealth Tax Act, 1957

May 19, 2018 138902 Views 9 comments Print

Article discusses about Basic provisions, Following entities are not liable to pay wealth-tax, Manner of computation of net wealth, Wealth-tax and residential status,  Assets covered/exempt under wealth-tax, Net wealth to include certain assets, Valuation of asset, Some of the significant provisions of Wealth-tax Law

No seizure of Jewellery If gross weight disclosed in regular return exceeds jewellery found during search

February 12, 2018 3582 Views 0 comment Print

Mrs. Nawaz Singhania Vs. DCIT (ITAT Mumbai) Instruction 1916 issued by the Board with regard to seizure of jewellery has inherent foundation of undisclosed portion of jewellery that may be identified in the search. The Instruction No. 1916, therefore is describing the criteria for decision making for jewellery to be undisclosed. Accordingly, any portion of […]

CBDT instructions on seizure of jewellery and ornaments are discretionary

January 19, 2018 7617 Views 0 comment Print

Shri Keshav Lila Vs. ACIT (ITAT Indore) CBDT instructions which in our view provides a guideline to the search conducting team that no seizure should be made of the jewellery and ornaments found during the course of search proceedings u/s 132 of the Act, if the same have been duly declared in the wealth tax […]

Penalty cannot be levied on suo-motto additional wealth declared in revised belated return

December 8, 2017 903 Views 0 comment Print

Assessment order shows that it is only basing on the revised assessment, the assessment was completed. Only reason stated by the AO for initiation of penalty was that no revision could be made in case of belated filing of the original return of wealth.

Value declared in Wealth Tax Return cannot be taken as Cost of Acquisition

November 12, 2017 1371 Views 0 comment Print

Court is satisfied that no error was committed by the ITAT in holding that the value declared in the tax return filed by the Assessees under WTA cannot be taken to be the cost of acquisition in the hands of the Assessees.

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