wealth tax

Dear Wanishree

As far as wealth tax is conderned, it is not the income part that is taxed, but only the wealth that is in excess of 15 lac is taxed @ 1 %.

There fore even if you have furnished a return and paid tax, for the assessement year 2008-09, you still have to pay tax for the AY 2009-10 if the net wealth is in excess of 15 lakhs

Regards

karthi

And remember that the taxable wealth is the wealth as on valuation date i.e.as on 31st of March each year.  If you are including lands in the net wealth, then the valuation is bound to change on change of guideline value, since WT speaks about market value.  Some states have recently revised the guideline values lately and this may result in a higher valuation.

Also, check that limit for Welth Tax has increased to Rs. 30,00,000.00.

And, yes it is paid every year.

Yes Wealth Tax is paid for every A.Y. @ 1% without Edu and Surcharge on Net Wealth at the last moment as on 31st March of F.Y relevant to A.Y . From A.Y 2010-2011 exemption limit has increased to 30 lacs. But for A.Y 2009-10 it was 15 lacs. So u have to pay Tax of Rs.40000/-