Category: wealth tax

wealth tax calculation ultimate guide

Wealth tax is levied on properties which are not used by owners. Wealth tax should be paid annually. Wealth tax calculation is based on valuation rules of assets in wealth tax act. How to do wealth tax calculation? Basic thing is that which asset is taxable under wealth tax act. Read my post. Wealth tax exemption and tax ability So wealth tax is levied on some assets and some assets are completely exempt. Value of taxable asset is determined by wealth tax rule.     How to calculate wealth tax on various assets? We have to learn specific rule...

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Wealth tax exemption and taxability

Wealth tax is direct tax which is collected on properties held. There are taxable assets and  Similarly wealth tax exemption is also available for many assets. In this article, I have given list of taxable assets under wealth tax act in India and exemption available under wealth tax act. What is wealth tax? You can understand from the name that wealth tax is levied to wealth. But interesting thing is that wealth tax is not levied to all the assets of the person but only on idle asset of the person. The assets which are not utilized to generate...

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wealth tax amended rule 2014

On 23th June, 2014, CBDT announced rules 2014 for wealth tax return. These rules shall be come into the force on the date of publication in official gadgets. Rule 3 of wealth tax rules , 1957 shall be substituted with rule named form of return of wealth tax. According to rule, For wealth tax return for assessment year 2013-14 and earlier year, individual , HUF and company can file return in FORM BA and verified it manner prescribed earlier. for assessment year 2014-15 and there after, Individual, HUF and company has to file return in FORM BB.(new form) and verified in the manner prescribed . For assessment year 2014-15 , the return of net wealth under sub rule 1 shall be filed electronically with digital signature. Still, individual or HUF  to whom section 44AB of the income tax not applicable can file return of income in paper form for assessment year 2014-15. There is no requirement to attach documents Рcomputation of tax payable, valuation certificate, proof of interest paid, copy of any account with form BB while filling return. Director general of income tax shall specify the policies , formats , standards for filling wealth tax return and secure transmission of data. You can download FORM BB from following link Click here for...

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