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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: VAT RATES :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: VAT Audit :: empanelment :: list of goods taxed at 4%
 
 
« General »
 Finance Ministry may hike monetary limit for filing tax appeals
 Compilation of all notifications issued ON
 Banking transaction tax to have cascading effect: NIPFP
 While filing tax in India, NRIs do not have to state overseas income
 Tax ease on cards, some daily use items may become cheaper
 It’s one year of GSTN, too
 SBI home, auto loan interest rates cut, set to be effective from Nov 1
 MNCs will have to furnish extra disclosures from March 2018
 High Court Allows Woman To File Income Tax Returns Without Quoting Aadhaar
 If tax status is no longer NRI, all your income is taxable in India
 Tax Benefits from Different Types of Loans under the Income Tax Act, 1961

FM proposes to tweak wealth tax
August, 13th 2009

The proposed direct tax code makes major changes in the manner in which wealth tax is to be calculated and the rates applicable to it. In effect, the changes ensure that those with relatively modest wealth go out of the net, while some of the big fish might end up paying more despite lower rates.

The code proposes to raise the threshold limit for wealth tax to become applicable from the current Rs 30 lakh to Rs 50 crore. It also reduces the tax rate from 1% to 0.25%. However, these give-aways are offset by including financial assets in the definition of wealth for the purposes of this tax.

Financial assets include shares held in various companies and fixed deposits. Neither of these was included in wealth so far. The code proposes that all assets will be valued at thecost or at current market value, which ever is lower.

In the case of promoter holdings in listed or unlisted firms, this could mean a significant new source of revenue for the government. The code clarifies that stock kept for stock-in-trade will not be included in assets. But promoters holding obviously cannot be classified as stock-in-trade and hence will qualify for wealth tax.

This could be particularly problematic in cases where the investment is of relatively recent origin, since older investments will have low historical values.

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

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