Wealth Tax

The Wealth Tax is charged for every assessment year in respect of the net wealth of the corresponding valuation date of every Individual, Hindu Undivided Family and Company @ 1% of the amount by which net wealth exceeds Rs.30 lakh. By virtue of section 45, no wealth tax is chargeable in respect of net wealth of the following persons:

a) Any company registered under section 25 of Companies Act 1956.

b) Any co-operative society.

c) Any social club.

d) Any political party.

e) A Mutual Fund specified under section 10(23D) of the Income Tax Act.