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: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: form 3cd :: VAT RATES :: cpt :: empanelment :: list of goods taxed at 4% :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« General »
 Tax Department To Launch 2nd Phase Of Bank Accounts' Scrutiny Next Month
 How to claim tax benefit on tuition fees under Section 80C
 Online Income Tax grievance redressal facility launched at 60 offices
 Demonetisation impact on government tax revenue marginal; direct tax personal income grew at above budget estimates
 ICAI seeks more accountability, transparency in defence sector
 Will Budget help double farmers’ income?
 Verify online deposits made post demonetisation, income tax department asks taxpayers
 Union Budget 2017: Best budget is do not change anything, do no harm, implement well
 Why salaried class deserves standard deduction
 3 new taxes that Modi government could introduce, but won't
 Tax gains may showcase demonetisation windfall

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