Significant Lssues Pertaining to Wealth Tax Laws

Friday, December 27, 2013

Significant Lssues Pertaining to Wealth Tax Laws


Exemptions


1)Agricultural Land exempt upto Rs. 1000,000 (one million).
2)Self-occupied house exemption now restricted to the extent of Non-Agricultural assets.


Documentation


1)Return of net wealth to be filed along with the Return of Income Tax by every income tax now.
2)Due date of Return of net wealth to be same as of return of total income.

Penalty


1)Substantial increase in the amount of Fees for filing of an appeal;

a)before appellate commissioner Rs. 2,500 or 10% of tax levied whichever is less now;
b)before appellate Tribunal Rs. 5,000 or 10% of tax levied whichever is less now;
c)before Commissioner (Revision) Rs. 2,500 or 10% of tax levied whichever is less now.

New Regulations


1)Market value of Plots and Commercial Properties,other than rented out,to be determined according to new rules to be released by C.B.R.

Definition Of Assets

1)Assets to be classified and bifurcated into;
a)Agricultural Assets 
b)Other Assets 

2)Tools and implements to include Tractors,Tube-wells and other Farm Machinery.

Tax Rates

Wealth Tax rates revised and bifurcated into rates applicable to;
a)Agricultural Assets 
b)Other Assets

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