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Wealth Tax on NRO accounts/ deposits

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(Querist)
28 February 2009 Do we have to pay wealth tax on Bank NRO deposits and balance in NRO account - if so which is the relevant IT Rule/ Act and which is the relevant Form?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
28 February 2009 Bank deposits are not assets within the meaning of section 2(ea) of The wealth tax Act,1957 and hence no wealth tax need to be paid thereon.
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