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All about Wealth Tax

All about Wealth Tax

Who is liable to file wealth tax returns?

Every Individual, Hindu Undivided Family and Company whose net wealth exceeds the maximum amount which is not chargeable to wealth tax in any previous year ending of 31st March is liable to file the wealth tax return. The maximum limit of net wealth not chargeable to tax under the provisions of the Wealth tax Act, 1957 is Rs. 15 lakhs at present.

Under wealth tax what is net wealth?

Net wealth is the aggregate value, computed under the provisions of the W.T. Act, 1957, of all assets (including deemed assets), belonging to the assessee on the valuation date, Minus the aggregate value of all debts owed by the assessee on the valuation date which have been taken in relation to the assets attracting wealth tax.

How is wealth tax charged?

Wealth Tax is charged @ 1% of the amount by which the net wealth exceeds Rs. 15 Lakhs.

What are the due dates for filing of wealth tax returns?

The due dates for filing Wealth Tax returns by different assessees, are the same as that given above for filing Income Tax returns.

What is the fine for not/late filing of wealth tax returns?

Where the assessee had defaulted in timely furnishing of his return of wealth, then penal interest @ 1% for every month or part of a month of delay is chargeable for Non/Late filing of return.

All about Wealth Tax

FEMA provisions for Resident and Non Resident Individuals

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