Wealth Tax

Wealth Tax, 1957

The Wealth Tax Act, 1957 was an Act of the Parliament of India which provides for levying of wealth tax on an individual, Hindu Undivided Family (HUF) or company is in possession of, on the corresponding Valuation Date. The Act applies to the whole of India including the state of Jammu and Kashmir and the Union Territories. The application of the Act has been discontinued from 1 April 2016.^[1]

Wealth tax was abolished in the Union Budget ( 2016 – 2017 ) presented by Union Finance Minister of India Mr. Arun Jately on 28-Feb-2015. The wealth-Tax was replaced with additional surcharge of 2 per cent on super rich with a taxable income of over `1 crore annually.