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of <h1>Wealth Tax Act, 1957: Key Definitions for Assessing Wealth, Assets, and Liabilities Explained, Including Relevant Tax Officials.</h1> The Wealth Tax Act, 1957, defines key terms relevant to the application of wealth tax. An 'assessee' is anyone liable for wealth tax, including those involved in proceedings or deemed to be in default. The 'Assessing Officer' includes various tax officials with jurisdiction as per the Income-tax Act. 'Assets' encompass all property types, excluding specific items like agricultural land and certain buildings, depending on the assessment year. 'Net wealth' is the value of assets minus debts related to those assets. Other definitions include terms like 'valuation date,' 'registered valuer,' and 'public servant,' aligning with respective legal frameworks.
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