Wealth Tax Manual - PakSearch.com

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WEALTH TAX ACT, 1963

CHAPTER I
PRELIMINARY

1. Short title, extent and commencement

2. Definitions

CHAPTER II
CHARGE OF WEALTH-TAX AND ASSETS SUBJECT TO SUCH CHARGE

3. Charge of wealth-tax

4. Net wealth to include certain assets

5. Exemption in respect of certain assets

5A. Wealth tax not payable by certain persons

6. Exclusion of assets and debts outside Pakistan

6A. Exclusion of certain debts

7. Value of assets how to be determined

7A. Reference to valuer

CHAPTER III
WEALTH TAX AUTHORITIES

8. Wealth-tax authorities

9. Appointment of Wealth-tax authorities, etc.

10. Jurisdiction of Wealth-tax authorities

11. Exercise of jurisdiction by a successor

12. Guidance to Deputy Commissioner

13. All officers to follow the orders of the Central Board of Revenue

CHAPTER IIIA
PAYMENT OF TAX BEFORE ASSESSMENT

13A. Collection of tax at source in case of rented property

13B. Certificate of collection of tax

13C. Liability of person failing to collect or pay tax

13D. Advance payment of tax

CHAPTER IV
ASSESSMENT

14. Return of Wealth

14A. Payment of tax on the basis of return

15. Return after due date and amendment of return

15A. Provisional assessment

16. Assessment

17. Wealth escaping assessment

17A. Time limit for completion of assessment and re-assessment

17B. Powers of Inspecting Additional Commissioner to revise Deputy Commissioner order

18. Penalty for concealment

CHAPTER V
LIABILITY TO ASSESSMENT IN SPECIAL CASES

19. Tax of deceased person payable by legal representative

19A. Dissolution of a firm, association of persons, body of individuals and liquidation of companies

19B. Proceedings against companies under liquidation

20. Assessment after partition of a Hindu undivided family

21. Assessment when assets are held by courts of wards, administrators-general etc.

22. Assessment of persons residing outside Pakistan

CHAPTER VI
APPEALS, REVISIONS AND REFERENCES

23. Appeal to the Appellate Additional Commissioner from orders of Deputy Commissioner

24. Appeal to the Appellate Tribunal

25. Powers of Commissioner to revise orders of subordinate authorities

27. Reference to High Court

28. Hearing by High Court

29. Appeal to Supreme Court

CHAPTER VII
PAYMENT AND RECOVERY OF WEALTH-TAX

30. Notice of demand.

31. Recovery of tax.

31A. Recovery of tax in the case of firms, association of persons, bodies of individuals, whether incorporated or not, and companies

31B. Additional Wealth-tax.

31BB. Charge of additional tax for failure to collect and pay tax.

31BBB.Charge of additional tax for failure to pay advance tax.

31C. Additional payment for delayed refunds.

31D. Power to withhold refund in certain cases.

31E. Adjustment of refund against tax.

32. Mode of recovery.

33. Liability of transferees of properties in certain cases.

CHAPTER VIII
MISCELLANEOUS

35. Rectification of mistakes

36. Penalty and prosecution

36A. Liability for prosecution in the case of company, etc.

37. Power to take evidence on oath, etc.

38. Information, returns and statements

38A Power of survey

38B. Penalty for obstruction

40. Computation of period of limitation

41. Service of notice

42. Prohibition of disclosure of information

43. Bar of jurisdiction

44. Appearance before wealth-tax authorities by authorised representatives

44A Officers to assist wealth-tax authorities

45. Act not to apply in certain cases

45A. Certain mistakes not to vitiate assessment, etc.

46.Power to make rules

The Schedule

The First Schedule	Rates of Wealth Tax.
The Second Schedule	Exemptions From Tax.

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