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Key features of Wealth Tax?

By IndianMoney , 5 months ago

1. Depending on the net wealth, Wealth Tax is levied. Net wealth can be calculated by the total of all taxable assets minus the total debt that is owed. 2. The formula for net wealth is, Net Wealth = Sum of all assets ? sum of all debt. 3. The value of net wealth is considered on March 31 of every year that immediately precedes the assessment year. 4. However, with effect from 1 April 2016, for wealth that was being held as of 31 March 2016, Wealth Tax has been abolished.

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