Foreign bank deposits, paintings, sculptures and expensive watches may come under the wealth tax net as part of the government's efforts to unearth black money and raise additional revenue.
The proposal to expand the ambit of the wealth tax forms part of the Direct Taxes Code Bill which is being scrutinized by a Parliamentary Standing Committee. Some of the proposals are likely to be incorporated in the Budget for 2012-13, pending approval of the DTC.
The wealth tax, as per the proposal, will be levied at one per cent on taxable assets exceeding Rs 1 crore. The current limit is Rs 30 lakh. The other assets which would be included are - cars, yacht, helicopters, archaeological collections.