Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ACCOUNTING STANDARD :: VAT Audit :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: cpt :: TDS :: Central Excise rule to resale the machines to a new company :: empanelment
 
 
« General »
 Why consumers should welcome GST
 Retailers need to file single GST return every month
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
 Will it be a tax haven above the law?
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
 Filing income tax return? Do remember to claim benefits on your reimbursements
 Banks will have a hard slog ahead to get GST-ready
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956
 Introduce indemnity clauses with suppliers on tax compliance: Expert

Panel for hike in wealth tax exemption limit
February, 27th 2012

Buying or selling property could become less taxing if the Centre accepts the recommendations of a parliamentary panel examining the Direct Taxes Code Bill, 2010, that is expected to become a law next year.
The parliamentary standing committee on finance has decided to propose that

 
the exemption limit for wealth tax be increased to Rs 5 crore from the current Rs 30 lakh. In addition, it wants the tax rate to be calibrated for asset sizes.
For property or assets worth Rs 5-20 crore, it will propose taxation at 0.5%, 0.75% for Rs 20-50 crore and 1% tax on properties worth more than Rs 50 crore.

The panel is expected to finalise its report on the proposed Direct Tax Code on March 2.

As reported recently by Hindustan Times, the Centre is planning to exempt assets worth R1 crore from wealth tax and slap 1% tax on assets (specified under Wealth Tax Act, 1957) exceeding this amount in the upcoming budget.

Besides property, jewellery, aircraft, yachts, boats or cars for personal use will come under the wealth tax net. Archaeological collections, paintings and sculptures will also be taxable.

Under pressure from various quarters for unearthing black money, the finance ministry also plans to expand the ambit of the wealth tax in the DTC Bill.

"Taxable assets have been defined to include deposits in banks located outside India in case of individual, unreported bank deposits in case of others," a finance ministry note said, pointing out that this would be part of the "new measures for unearthing black money".

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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