Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: cpt :: VAT Audit :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: due date for vat payment
 
 
Service Tax »
 GST: Centre, states to divide taxpayer base
 A 5-Point Guide For Buyers To Understand The Effect Of GST On Real Estate
 Stalled unsorted diamond imports to resume after GST rate revision
 TDS, TCS deductors can apply for GST registration from 18 September
 E-commerce companies face tax heat as I-T department says discounts should be treated as capital spend
 Central Goods and Services Tax (Sixth Amendment) Rules, 2017
 GST will also impact direct tax collection
 Seeks to extend time period for filing of details in FORM GSTR-6 for months of July & August
 GST: Is input tax credit available for tax paid on mobiles given to staff?
 GST filing, reconciliation solution launched
  Finance Ministry asks taxmen to submit note on high-pitched assessments

Filing wealth tax return: Things to know
November, 26th 2012

The Wealth Tax Act requires tax to be paid on the wealth held by an individual. Wealth is defined as unproductive assets, such as cash over Rs 50,000, land, motor cars, gold, silver, utensils or bullion and ornaments, luxury cars. Tax at the rate of 1% has to be paid on wealth over Rs 30 lakh, which is calculated according to the provisions of the Act, and a wealth tax return has to be filed. Individuals, Hindu Undivided Families and companies should file their wealth tax return in Form BA, which has to be signed by the assessee.

Due date: The due date for filing wealth tax return is the same as the one applicable to an assessee for filing the income tax return. For individuals and HUFs, the due date is 31 July of the following financial year for which the return is being filed.

Documents: The calculation for the value of each asset, according to Schedule III of the Wealth Tax Act, needs to be attached along with the return. The relevant documents supporting the valuation of the asset must also be attached with the return.

Filing return: The wealth tax return needs to be filed with the income tax office ward/circle applicable for one's income tax return. If a person fails to file the return and pays the applicable wealth tax, he is liable to pay interest at 1% for every month of delay.

Points to note:

> The assets transferred to a spouse or minor child or any other person without consideration are to be included in the net wealth of the individual.

> Any one residential property can be excluded from the wealth of an assessee and a person is free to choose which property he wants to exclude.

> The financial assets, such as investments in shares and mutual funds, are exempt from wealth tax.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions