Budget 2015-16: Wealth Tax abolished from 2015-16
Wealth-tax Act, 1957 (‘the WT Act’) was introduced w.e.f. 1.4.1957 on the recommendation of Prof. Nicholas Kaldor for achieving twin major objectives of reducing inequalities and helping the enforcement of Income-tax Act thro…
Showing posts with label TAX - Wealth Tax. Show all posts
Showing posts with label TAX - Wealth Tax. Show all posts
BUDGET 2014 - 15: Wealth Tax..
Wealth Tax... Wealth
tax is imposed at 1% on the value of specified assets
held by the taxpayer on the valuation date (31 March) in
excess of the basic exemption of Rs. 30 lakh Wealth Tax abolished from 2015-16
Who Needs to Pay Wealth Tax In India..
by Mr. G. Karthikeyan, Chartered Accountant Mr. Seshanaraya owns
3 residential properties, including inherited & purchased. He has also
invested substantially in gold & diamonds. Mr. Seshanaraya had meticulously
filed his income taxes and declared all his income co…
Evading Wealth Tax Criminal Offence In India : Penalty of up to 500 % of tax amount or Face Imprisonment..
By Amarpal S Chadha, Ernst & Young You
could be charged penalty of up to 500% of tax amount or face imprisonment The
deadline for filing the income tax return just got over and most taxpayers
would have filed their income tax returns. However, only a few taxpayers are
awa…
Omspectrum Financial Bulletin: Wealth of information on Wealth Tax..!
Wealth Tax abolished from 2015-16 All you
conscientious taxpayers who want to honestly pay your taxes and get a good
night’s sleep. Did you know
that your duty as a taxpayer does not end with paying income tax? While
income tax is what you pay on the taxable income you have e…
Billionaires List: India Stands 5th Among the Top 10 Countries..!
India stands 5th
among the top 10 countries with the largest number of billionaires with 122 and
the number is expected to double by 2022. According to Knight
Frank India research, Mumbai has secured the 7th spot in the list of top global
cities with a HNWI population. Presen…
Sobha Group Founder Mr.PNC Menon to Give 50 % of Wealth to Charity..!
After a certain point
in time, money can not make a difference in your life Mr.PNC Menon, the
founder of Sobha Group of Companies, with an estimated fortune of $ 60 Crore
plans to give half of his personal wealth to charity. Dubai-based Menon, a
first generation entrepreneur …
Your IncomeTax Returns May Require Disclosure of All Your Assets..!
The intention was
mainly to get information about those high-networth individuals (HNIs) who had
not been paying wealth tax. Paying Wealth Tax..! Many HNIs have not
been declaring all their assets to avoid paying wealth tax. That bliss is set
to end soon, with the finance mi…
