urban immovable property tax act 1958 pdf editor

Wealth tax does not attract any Education Cess or surcharge. The net wealth of an assessee includes the value of specified unproductive assets on the valuation date after subtracting the debt the assessee owes on the said assets. 30 Lakh w.e.f April 2010) on the valuation date. Wealth tax is calculated at the rate of 0.25 percent (1.0 percent w.e.f April 2010) of the amount of net wealth that exceeds Rs. A transfer of immovable property to a newly established company in exchange for. The valuation date was the day of 31 March immediately preceding the Assessment Year. This is a substantial impediment to the rule of law in tax matters.

The net wealth that an assessee possessed on the valuation date determined the amount of tax. The valuation date was an important component in the calculation of the Wealth Tax. The Wealth Tax Act, 1957 governed the taxation process associated with the net wealth that an individual, a Hindu Undivided Family (HUF), or a company possesses on the valuation date. The wealth tax was replaced with an additional surcharge of 2 per cent on the super rich with a taxable income of over 1 crore annually. The wealth tax was abolished in the Union Budget (2016 - 2017) presented by Union Finance Minister Arun Jaitley on 28 February 2016. The application of the Act has been discontinued since 1 April 2016. The wealth tax was levied on the net wealth owned by a person on a valuation date, i.e., 31 March of every year. The Wealth Tax Act, 1957 was an Act of the Parliament of India that provides for the levying of wealth tax on an individual, Hindu Undivided Family (HUF) or company. THE WEALTH TAX IN INDIA HAS BEEN ABOLISHED

An Act to provide for the levy of wealth-tax

Urban immovable property tax act 1958 pdf editor