https://www.taxtmi.com/article/detailed?id=6884 Wealth tax is abolished for assessment years commencing on or after 1 April 2016 by amendment to section 3(2) of the Wealth tax Act, 1957; the last assessment year subject to wealth tax is the year beginning 1 April 2015 (valuation date the last day of the previous year). Definitions of assessment year and valuation date determine that no wealth tax charge arises for the assessment year commencing 1 April 2016 and subsequent years. The Finance Bill 2015 cites compliance burden and low revenue as reasons, proposing surcharge and income tax return modifications instead. en-us Tue, 05 Jul 2016 11:14:16 +0530 Tue, 05 Jul 2016 11:14:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6884 Wealth tax is abolished for assessment years commencing on or after 1 April 2016 by amendment to section 3(2) of the Wealth tax Act, 1957; the last assessment year subject to wealth tax is the year beginning 1 April 2015 (valuation date the last day of the previous year). Definitions of assessment year and valuation date determine that no wealth tax charge arises for the assessment year commencing 1 April 2016 and subsequent years. The Finance Bill 2015 cites compliance burden and low revenue as reasons, proposing surcharge and income tax return modifications instead. Articles Wealth Tax Tue, 05 Jul 2016 11:14:16 +0530 https://www.taxtmi.com/article/detailed?id=6884