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of <h1>Section 8 of Wealth Tax Act: Income-tax authorities now have jurisdiction for wealth-tax matters, including individuals and companies.</h1> The Wealth Tax Act, 1957, under Section 8, designates income-tax authorities as wealth-tax authorities, granting them the same jurisdiction and powers for wealth-tax matters as they have under the Income-tax Act. This includes jurisdiction over individuals, Hindu undivided families, and companies, based on orders or directions issued under Section 120 of the Income-tax Act. For individuals not assessed under the Income-tax Act, jurisdiction is determined by their area of residence. This section was amended by the Direct Tax Laws (Amendment) Act, 1987, replacing previous provisions that outlined similar jurisdictional guidelines for Wealth-tax Officers.
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