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AI Drafter ✕

Generate professional replies to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.

Step 1 – Issue Identification & Review

The AI analyses your query, notice, order, or uploaded documents and identifies the key issues involved.

• Review the issues identified by the AI
• Add, edit, remove, or refine issues as required


Step 2 – Draft Generation

Once you approve the issues, the AI performs issue-wise legal research and prepares a structured draft response.

• Relevant statutory provisions
• Judicial precedents and Supreme Court, High Court and other citations
• Issue-wise legal analysis
• Practical arguments and supporting content
• Professionally structured draft ready for further review.

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        News and Press Release

        Exemption limit for wealth tax to go up to Rs 1 cr

        August 31, 2010

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        New Delhi, Aug 31 (PTI) The Direct Taxes Code (DTC) Bill proposes to raise the exemption limit for imposing wealth tax to Rs 1 crore from Rs 15 lakh at present, a move that will help a lot of taxpayers avoid the levy.

        The Rs 1 crore limit proposed in the Direct Taxes Code Bill, however, is much less that the exemption of Rs 50 crore proposed in the original draft.

        The DTC proposes to levy wealth tax at the rate of 1 per cent. Broadly, net wealth refers to taxable wealth, which means the excess of assets over debts. The tax is levied only on specified assets under the Act and not on all assets.

        Exemption limit for wealth tax increased, narrowing the tax base while retaining a one percent levy on net wealth. The Direct Taxes Code Bill proposes to raise the exemption limit for wealth tax, retaining a 1 per cent levy on net wealth and limiting the tax to specified assets, with taxable net wealth defined as assets in excess of debts.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Exemption limit for wealth tax increased, narrowing the tax base while retaining a one percent levy on net wealth.

                                The Direct Taxes Code Bill proposes to raise the exemption limit for wealth tax, retaining a 1 per cent levy on net wealth and limiting the tax to specified assets, with taxable net wealth defined as assets in excess of debts.


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