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Direct Tax Wealth Tax 001002

  • E-filing of wealth tax returns made must for cos
    Jun 25, 2014
    The I-T department on Tuesday amended wealth tax rules to make it compulsory for companies as well as individuals and Hindu Undivided Families with income above Rs 1 crore a year to file their wealth tax returns in electronic form with digital signature in an attempt to have tax payer information ready for quick analysis and selection for scrutiny. The rules allow tax payers freedom of self assessment with the added relief of not having to attach any supporting document, statement of computation or proof of having paid the tax or interest.
  • Wealth tax basics: Get a grip for peace of mind
    Apr 18, 2014
    Wealth tax is a direct tax levied on individuals, HUFs and companies annually. It is charged at the rate of 1% of net wealth (the value of specified assets on the valuation date in excess of the value of the debt that the taxpayer owes on the said assets) of a person if it exceeds Rs 30 lakh. Wealth tax is applicable on an asset held by a taxpayer as on March 31. Hence, the assets sold during the year are not subject to wealth tax.This tax is levied on the non-productive assets of a taxpayer. The intent of this law is to tax assets that do not generate any income.
  • Arbitrariness rules the roost
    Oct 30, 2010
    The wealth tax code in the Direct Taxes Code, 2010 (DTC) before Parliament is a rehash of the existing law and a far cry from the one contained in the pristine DTC which swore by the implicit truism that ought to guide every finance minister — income is income just as asset is asset. The income-tax code in its final form kisses goodbye to this short-lived adoption of good intent and so does the wealth tax code. The biggest beneficiaries under both are the share market operators and big industrialists who have been rescued from the clutches of both long-term capital gains tax and wealth tax. Even if they dabble in shares in the short run, there is a hefty 50 per cent concession in tax for them.
  • Wealth must be taxed more
    Jul 17, 2010
    The Revised Discussion Paper (RDP) on the Direct Taxes Code (DTC) justifies the extension of wealth taxation on the following grounds: “Firstly, the holders of substantial economic resources have the capacity to pay higher taxes than those with similar incomes but with less wealth. Secondly, it adds to the overall progressivity of an income tax without having to increase marginal rates. Thirdly, a wealth tax base separate from an income tax base helps to partially capture the income tax avoided or evaded.
  • New draft of Tax Code seeks to levy wealth tax on firms' ‘unproductive assets'
    Jun 17, 2010
    The Centre is looking to drop a proposal to bring financial assets within the scope of the wealth tax net. The revised discussion paper on the Direct Taxes Code has now mooted a regime change to the one proposed in the earlier discussion paper, subjecting all companies (both listed and unlisted) to wealth tax on their “unproductive assets”. The first discussion paper unveiled in August 2009 had proposed that wealth tax be made payable only by an individual, Hindu Undivided Family, and private discretionary trusts. This meant that companies would not be subjected to wealth tax. It was also suggested that net wealth of an individual or Hindu Undivided Family in excess of Rs 50 crore will be chargeable to wealth tax at the rate of 0.25 per cent. Assets chargeable to wealth tax would include financial assets, the discussion paper had said.
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