Wealth Tax Liability Should not Be Ignored

Wealth tax liability should not be avoided. If you ignore wealth tax liability then you have to pay penalty up to 500% of the amount of tax which is avoided.

Every individual or Hindu Undivided Family (HUF) who has wealth exceeding Rs 30 Lakhs is required to pay wealth tax and file a return of wealth tax with the revenue authorities by 31 July, immediately following the end of financial year. Presently the rate of wealth tax is 1% and date of filing varies for the persons who has to get their accounts audited.

Wealth tax is payable on net assets,i.e. assets […] Read more