Wealth-tax Act,1957
Act No : 27
Section :
Return of wealth.
14. Return of wealth. 4*[(1) Every person, if his net wealth or the net wealth of any other person in respect of which he is assessable under this Act on the valuation date was of such an amount as to render him liable to wealth-tax under this Act, shall, before the 30th day of June of the corresponding assessment year, furnish to the Wealth-tax Officer a return in the prescribed form and verified in the prescribed manner setting forth the net wealth as on that valuation date.] --------------------------------------------------------------------- 1 S. 13 re-numbered as sub-section (1) of that section by Act 46 of 1964, s. 12 (w.e.f. 1-4-1965). 2 Ins. by s. 12, ibid. (w.e.f. 1-4-1965). 3 Ins. by s. 13, ibid. (w.e.f. 1-4-1965). 4 Subs. by s. 14, ibid., for sub-section (1) (w.e.f. 1-4-1965). 794 1*[Provided that in the case of a person whose net wealth or the net wealth of any other person in respect of which he is assessable under this Act includes the value of any assets held in a business or profession and the time (whether fixed originally or on extension) for furnishing the return of his total income or, as the case may be, of the total income of the other person aforesaid for the said assessment year under sub-section (1) or sub-section (2) or sub-section (3) of section 139 of the Income-tax Act, expires on or after the 30th day of June aforesaid, the return in respect of such net wealth for the assessment year may be furnished before the expiry of the time for furnishing such return of income.] (2) If the Wealth-tax Officer is of the opinion that 2*[any person is assessable under this Act, whether in respect of his net wealth or the net wealth of any other person,] then, notwithstanding anything contained in sub-section (1), he may serve a notice upon such person requiring him to furnish within such period, not being less than thirty days, as may be specified in the notice, a return in the prescribed form and verified in the prescribed manner 3*[, setting forth (along with such other particulars as may be required by the notice)], the net wealth of such person as on the valuation date mentioned in the notice. (3) The Wealth-tax Officer may, if he is satisfied that it is necessary so to do, extend the date for the delivery of the return under this section.
