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of <h1>Wealth Tax Act Section 18: Penalties for Non-Compliance, Concealing Assets; Up to 5x Evaded Tax Fine Possible</h1> Section 18 of the Wealth Tax Act, 1957, addresses penalties for failing to furnish returns, comply with notices, or concealing assets. Authorities such as the Assessing Officer and Appellate Tribunal can impose penalties if a person fails to comply with notices or conceals asset details. Penalties range from a minimum of one thousand to twenty-five thousand rupees for non-compliance and up to five times the evaded tax for concealment. Exceptions exist if the person demonstrates reasonable cause for non-compliance. The section outlines procedural requirements for imposing penalties, including providing the concerned person a chance to be heard.
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