INTERVIEW QUESTIONS TAX WEALTH TAX DETAILS

Question: What is Wealth Tax in India?

Answer: Introduced in late 1950s, with the aim to reduce inequalities in India, wealth tax is a form of direct tax, charged on the net wealth of super rich individuals, Hindu Undivided Families and companies. Wealth tax is a levy of tax on the net wealth (the aggregate value of assets minus the aggregate value of debts or liabilities as on the valuation date) of super rich individuals/HUF/companies at the end of a fiscal year. Wealth tax was essentially aimed at taxing the super-rich taxpayers who both by inheritance or on their own, accumulated wealth and therefore, had to make a larger contribution to the exchequer. An individual, a Hindu Undivided Family or a company had to pay a wealth tax of 1% on earnings of over Rs. 30 lakh p. a.

Introduced in late 1950s, with the aim to reduce inequalities in India, wealth tax is a form of direct tax, charged on the net wealth of super rich individuals, Hindu Undivided Families and companies. Wealth tax is a levy of tax on the net wealth (the aggregate value of assets minus the aggregate value of debts or liabilities as on the valuation date) of super rich individuals/HUF/companies at the end of a fiscal year. Wealth tax was essentially aimed at taxing the super-rich taxpayers who both by inheritance or on their own, accumulated wealth and therefore, had to make a larger contribution to the exchequer. An individual, a Hindu Undivided Family or a company had to pay a wealth tax of 1% on earnings of over Rs. 30 lakh p. a. Source: CoolInterview.com

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