Application for Wealth Tax Return : Income Tax Department
Organization : Income Tax Department
Facility : Application for wealth Tax Return
| Want to ask a question / comment on this post? Go to bottom of this page. |
|---|
Home Page : http://www.incometaxindia.gov.in/Pages/downloads/wealth-tax-return.aspx
Download here :https://www.statusin.in/uploads/5782-103120000000008086.pdf
RETURN OF NET WEALTH :
Wealth Tax :A wealth tax is generally conceived of as a levy based on the aggregate value of all household assets, including owner-occupied housing; cash, bank deposits, money funds, and savings in insurance and pension plans; investment in real estate and unincorporated businesses; and corporate stock, financial securities, and personal trusts.[1] A wealth tax is a tax on the accumulated stock of purchasing power, in contrast to income tax, which is a tax on the flow of assets.
Chargeability (Section 3) :
Wealth tax is charged for every assessment year in respect of net wealth of the corresponding valuation date of every individual, HUF and company, at the rate of 1% on the amount by which the net wealth exceeds Rs. 30,00,000/- (from A Y 2010-11).
In Applicability (Section 45) :
Wealth tax is not applicable in respect of the following :
(a) Section 25 company
(b) Co-operative society
(c) Social club
(d) Political party
(e) Mutual Fund specified u/s. 10(23D) of the I.T. Act.
3. Definitions (Section 2) :
Assets – Section 2(ea) means
1. House – Any building or land appurtenant thereto, whether used for residential or commercial purposes or for the purpose of maintaining a guest house or a farm house in an urban area.
Exceptions – Houses which are
(a) Meant exclusively for residential purposes and which is allotted by a company to a whole time employee (including officer or director in whole time employment), having gross annual salary of less than Rs. 5 lakhs.
(b) Stock-in-trade.
(c) Occupied for business or profession of the assessee.
(d) Residential property and which is let out for a minimum period of 300 days in the previous year.
(e) Commercial establishments or complexes.
2. Motor cars – Except those used in the hiring business or as stock-in-trade.
3. Jewellery – Except that which is used as stock-in-trade.
4. Yachts, boats and aircrafts – other than those used for commercial purposes.
5. Urban land – Any land situated in urban area.