TaxTMI 
TaxTMI 
Question - What are proposed in Finance Bill 2015 in respect to Wealth tax under Wealth tax Act, 1957 ?
Abolition of levy of wealth-tax under Wealth-tax Act, 1957
28 Feb 2015 
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Abolition of wealth-tax replaced by enhanced surcharge on higher-income taxpayers and asset disclosure moved to income-tax return.
Abolition of the levy of wealth-tax under the Wealth-tax Act, 1957 is proposed to take effect from 1 April 2016, applying to assessment year 2016-17 and subsequent years. The proposal removes the net-wealth levy and associated valuation and reporting obligations, citing limited revenue, and significant compliance and administrative burdens. To continue taxing high net worth persons, an enhanced surcharge on higher-income taxpayers is proposed and asset information required under the wealth-tax return will be captured through modifications to the income-tax return. (AI Summary)
Abolition of the levy of wealth-tax under the Wealth-tax Act, 1957 is proposed to take effect from 1 April 2016, applying to assessment year 2016-17 and subsequent years. The proposal removes the net-wealth levy and associated valuation and reporting obligations, citing limited revenue, and significant compliance and administrative burdens. To continue taxing high net worth persons, an enhanced surcharge on higher-income taxpayers is proposed and asset information required under the wealth-tax return will be captured through modifications to the income-tax return. (AI Summary)