Second House or Vacant House also comes under Income Tax as well as Wealth Tax Purview. Indian People tends to invest mostly in two assets, first is gold and second in house property. The rising prices of gold as well as property makes it more lucrative but one must consider the tax implications before buying or investing […]
Wealth Tax Rules Amended
CBDT notifies new Wealth Tax Return Form & Rules for Online Filing Central Board of Direct Taxes has amended Wealth Tax Rules via Notification No. 2/2014 [F.NO.143/1/2014-TPL]/SO 1576(E), DATED 23-6-2014. Following are the summary of what changes are brought by said notification: 1. Every Assessee with income above Rs 1 crore a year require to file their wealth […]
Guide to File Wealth Tax Return
Wealth Tax Return is to be Filed Manually, there is no online submission facility for the same. 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, […]