Section 7, Wealth-Tax Act, 1957 [S1E-C52]
As at 7 September 2026. In force from 3 May 1957.
7. Maintenance of records and furnishing of returns.—(1) Every person responsible for paying shall maintain such records and registers relating to the payment of sums liable to deduction as may be prescribed and shall preserve them for a period of five years. (2) Every person responsible for paying shall furnish to the Board a return in Form 26AS within thirty days from the end of every financial year, and such other information as the Board may, by order in writing, require.
Defined terms in this text (1)
Board: Section 2, Wealth-Tax Act, 1957 [S1EC08] (In this Act, unless the context otherwise requires,—): "Board" means the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963)
Board: 279 more definitions.
Made under this section, or naming it (1)
Circular of the Department of Revenue dated 23rd November, 1960 on section 7 of the Wealth-Tax Act, 1957 [C10-BSQ], 23 November 1960, in force. The text contains "section 7 of the Wealth-Tax Act, 1957 (27 of 1957)".
Cited by (2)
Section 63, Wealth-Tax Act, 1957 [S1E-DXK], 3 May 1957, Band A. "section 7".
Rule 6, Wealth-Tax Act Rules, 1959 [S1F-KS4], 24 April 1959, Band A. "sub-section (2) of section 7 of the Act".
Not held (0)
none
Duties published under this section (1)
D10-QQH. Every person responsible for paying: Maintain records and registers of the payment of sums liable to deduction; preserve for five years; furnish the annual return in Form 26AS; thirty days from the end of every financial year; Form 26AS. Published by Department of Revenue, Ministry of Finance (synthetic record).