Take This Quiz & Predict Your Score in the coming CA CS or CMA Exam!
  • How important it is for you to pass the exam in this attempt?
  • What percentage of course you have finished well so far roughly?
  • How many hours you study in a day?
  • How many times you have revised the topics you have finished
  • Have you taken online or pen drive or live class from a renowned faculty?
  • What percentage of the classes you have watched?
  • Have you attempted mock tests or practice tests yet?
  • Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute?
  • How many tests you have taken?
  • Did you manage to finish the test papers on time?
  • Are you strictly following study material provided by the exam conducting authority such as ICAI/ICSI/ICMAI/Other Body?
  • How is your health in general?
  • How is your food habit?
  • Any interest in yoga or exercise or play sports regularly?
  • Planning to sleep well nights before the exams?
  • Planning to have light food and water before exams?



Wealth Tax is covered under wealth tax act 1957 which states that tax shall be levied on net wealth of the tax payer.

PROVISION: – Wealth tax is not levied on every assesse but only following assesses are covered under wealth tax act 1957: –

  1. An Individual,
  2. A Hindu Undivided Family (HUF),
  3. A company

Only the above persons are liable to pay wealth tax. Now question arises what about other assesses like partnership firm, association of persons, etc. A partnership firm is not liable to pay wealth tax, but the value of the assets held by the firm is to be ascertained and this value will be distributed amongst the partners of the firm and will be charged to tax in the hands of the partners in the form of “Interest in partnership firm”. However, where a minor is admitted to the benefits of partnership in a firm, the value of the interest of such minor in the firm shall be included in the net wealth of the parent of the minor. Similarly, an association of persons is not liable to wealth tax, but the assets of the association of person are charged to tax in the hands of its members in the form of “Interest in partnership firm”.

Following entities are not liable to pay wealth tax: –

  1. A company registered u/s 8 of companies act 2013
  2. A co-operative society
  3. A social club
  4. A political party
  5. A mutual fund specified u/s 10(23D) of income tax act 1961
  6. Reserve Bank of India

Wealth tax is levied on the value of assets owned by the taxpayer on the valuation date, i.e., 31st March of the relevant year. Value of any asset liable to wealth-tax (other than cash) is to be determined in the manner prescribed in the Valuation Rules (i.e., rules given in Schedule III of Wealth-tax Act).

Every person whose net wealth on the valuation date exceeds Rs. 30,00,000/- shall file his/her return of net wealth. Wealth-tax is levied at 1% on the net wealth in excess of Rs. 30,00,000.

Due dates for filing wealth tax return shall be as follows: –

  1. For tax payers liable to audit and companies, due date will be 30th September
  2. For others due date will be 31st July

Interest shall be liable @ 1% for month or part of month for delay in filing of return of net wealth.

A belated return or revised return can be filed within a period of one year from the end of the assessment year or before completion of assessment, whichever is earlier.

Penalty in case of concealment of wealth can be between 100% to 500% of tax sought to be avoided.




At CAKART you will get everything that you need to be successful in your CA CS CMA exam – India’s best faculty video classes (online or in pen drive) most popular books of best authors (ebooks hard copies) best scanners and all exam related information and notifications.Visit and chat with our counsellors any time. We are happy to help you make successful in your exams.


Click Here to download FREE CA CS CMA Text Books.

Leave a comment

Your email address will not be published. Required fields are marked *