https://www.taxtmi.com/forum/issue?id=108099 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. en-us Sat, 28 Feb 2015 19:20:28 +0530 Thu, 23 Jan 2025 15:57:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=108099 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. Discussion-Forum Income Tax Sat, 28 Feb 2015 19:20:28 +0530 https://www.taxtmi.com/forum/issue?id=108099