Advance tax under wealth tax???

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vishal (Querist)
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31 May 2012 hi all,

While studying DTL, i saw that for income tax we need to file advance tax, but for wealth tax i didnt come across any advance tax provision in the WT act,1957.

My query is, should we pay advance tax even for wealth tax, by computing the wealth on a provisional basis??

or

we need to pay wealth tax before (or) on the the date of filing return on income??

PS - the penal interest is levied under W.Tax only if we delay in filing return of income only.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 May 2012 There is no provision for advance tax in Wealth tax Act,1957. Self assessment tax u/s 15B has to be paid before filing the return. Delayed filing attract interest u/s 17B of the said act.

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