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Wealth tax News

21 Jan 2022

Budget 2022: What Is Wealth Tax & Why Was It Abolished?

The Wealth Tax Act, 1957 was an Act of the Parliament of India that provides for the levying of wealth tax on an individual, HUFs or company. The wealth tax was levied on the net wealth of a person on 31 March of every year. Wealth tax was abolished in the Union Budget (2016–2017) presented by Union Finance Minister Arun Jaitley on 28 February 2016. It was then replaced with an additional surcharge of 2 per cent on the super rich with a taxable income of over 1 crore annually.

disclosure window

01 Jun 2016

Compliance window for domestic black money opens today

New Delhi: The 4-month disclosure window giving an opportunity to domestic black money holders to come clean by paying tax and penalty of 45 percent on such assets opened on Wednesday.

14 May 2016

4-month window to declare black money opens on June 1: Finance Ministry

The four-month window for declaring domestic black money will open on June 1 and those opting to come clean by paying 45 percent tax and penalty will not be subject to scrutiny and enquiry by tax department.

28 Feb 2015

India Inc cheers corporate tax cut, wealth tax abolition

India Inc on Saturday cheered the road map for lowering corporate taxation, abolition of wealth tax and steps to check black money menace, while calling the Union Budget a "visionary" document.

Net direct tax collection

28 Sep 2014

Net direct tax collection at Rs 2.60 lakh crore

Net direct tax collection so far in the current fiscal stood at Rs 2.60 lakh crore, said a senior finance ministry official.

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