wealthtax-140414011507-phpapp01.pdf - Wealth Tax Presentation by Harshad Jain What is taxation A means by which government finance their expenditures by

wealthtax-140414011507-phpapp01.pdf - Wealth Tax...

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Wealth Tax Presentation by Harshad Jain
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What is taxation? A means by which government finance their expenditures by imposing charges on citizens and corporate entities.
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Why Tax is collected? Government use taxation to encourage or discourage certain economic decision. Example : Reduction in taxable personal (or household) income by the amount paid as interest on home mortgage loans results in greater construction activity, and generates more jobs.
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Branches Tax Direct Income tax Wealth tax Indirect Sales tax Service tax Excise duty
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Applicability Section 1 The Wealth Tax Act, 1957 extends to whole of India. It came in force since 1-4-1957.
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Charge / Applicability Every individual, HUF or company who is an assessee shall be charged with wealth tax at the rate of 1% on the amount by which his net wealth determined on the basis of his nationality and residential status on the valuation date exceeds Rs 30,00,000/-.
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Persons not liable to wealth tax Any company registered under section 25 of the companies act, 1956. [non-profit making company] Any co-operative society Any social club Any political party A mutual fund specified in Income tax
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Meaning of Net Wealth Particulars Amount
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