Wealth Tax Assessment

Tax Glossary Definition

Wealth Tax Assessment

The process of determining an individual’s or entity’s net wealth for the purpose of computing liability under the Wealth Tax Act, 1957. This tax has been abolished effective from the financial year 2015–16.

Example: Earlier, if a person’s net wealth exceeded ₹30 lakh, a 1% wealth tax was levied on the amount exceeding that limit.

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