TaxTMI 
TaxTMI 
Exemption limit for wealth tax to go up to Rs 1 cr
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....xemption limit for wealth tax to go up to Rs 1 cr <br>News and Press Release<br>Dated:- 31-8-2010<br><BR>New Delhi, Aug 31 (PTI) The Direct Taxes Code (DTC) Bill proposes to raise the exemption limit ....
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....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 muc....
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....h 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 e....
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....xcess of assets over debts. The tax is levied only on specified assets under the Act and not on all assets.<BR> News - Press release - PIB....