Apr 24,  · All about Wealth Tax Act, Income-tax is levied on the income of the taxpayer, whereas wealth tax is levied on the wealth of the taxpayer. Wealth tax is governed by Wealth Tax Act, In this part you can gain knowledge on various provisions of Wealth Tax Act, (Discuss) Proposed since April The Wealth Tax Act, was an Act of the Parliament of India that provides for the levying of wealth tax on an individual, Hindu Undivided Family (HUF) or company. The wealth tax was levied on the net wealth owned by a Citation: Act No. 27 of Subject to the other provisions contained in this Act, there shall be charged for every assessment year commencing on and from the first day of April, , a tax (hereinafter referred to as wealth- tax) in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company at the rate or rates.

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wealth tax act 1957 pdf

Wealth Tax by CA Raj K Agrawal, time: 11:57

Subject to the other provisions contained in this Act, there shall be charged for every assessment year commencing on and from the first day of April, , a tax (hereinafter referred to as wealth- tax) in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company at the rate or rates. The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. Section 2(e).—The right to receive compensation under the W.B. Estate Acquisition Act, constitutes an “asset” under section 2(e) of the Wealth-tax Act, even though such compensation is yet to be determined or paid; Commissioner of Wealth-tax, Calcutta v. U.C. Mehtab, AIR SC C h a p t e r - 5 | P a g e. Applicability and Charge of Wealth-tax. The Wealth-tax act, extends to the whole if India and come into force on 1st April, (Discuss) Proposed since April The Wealth Tax Act, was an Act of the Parliament of India that provides for the levying of wealth tax on an individual, Hindu Undivided Family (HUF) or company. The wealth tax was levied on the net wealth owned by a Citation: Act No. 27 of Wealth-tax Act, [Act No. 27 of Year dated 12th. September, ] An Act to provide for the levy of wealth-tax Be it enacted by Parliament in the Eighth Year of the Republic of India as follows: CHAPTER I: PRELIMINARY 1. Short title, extent and commencement (1) This Act may be called the Wealth-tax Act, constituted under section B of the Income-tax Act ; f. Vice-Chairman means a Vice-Chairman of the Settlement Commission ; g. wealth-tax authority means an income-tax authority specified in section of the Income-tax Act who is treated as a wealth-tax authority under section 8.] Wealth-tax Settlement Commission. 22B. Wealth-tax Act, Synopsis: Wealth-tax Act,  The Central Government has been empowered by Entry 86 of the Union List of the Seventh Schedule of the Constitution of India to levy taxes on the capital value of the assets except on agricultural land. Apr 24,  · All about Wealth Tax Act, Income-tax is levied on the income of the taxpayer, whereas wealth tax is levied on the wealth of the taxpayer. Wealth tax is governed by Wealth Tax Act, In this part you can gain knowledge on various provisions of Wealth Tax Act, WEALTH TAX ACT A COMPLETE SUMMARY. Charge Of WEALTH Tax. Sec.3 Wealth tax shall be charged to every individual, H.U.F, Trust and company @ 1% of the amount by which net wealth exceeds Rs Lacs as on corresponding valuation date i.e last day of financial year.Section - 8. Wealth-tax authorities and their jurisdiction Section - 8AA. Concurrent jurisdiction of Inspecting Assistant Commissioner and Wealth-tax Officer. Income-tax Act; (c) "assessee" means a person by whom wealth-tax or any other . year commencing on and from the first day of April, , a tax (hereinafter. THE WEALTH-TAX ACT, (Modified as on 12th November ). ______. ARRANGEMENT OF SECTIONS. ______. SECTIONS. 1. Short title, extent and. Wealth Tax Act, ChargeabilitySec Wealth tax is charged for every assessment year in respect of the net wealth on the corresponding valuation date . b. case means any proceeding under this Act for the assessment or reassessment the Income-tax Act who is treated as a wealth-tax authority under section 8. The Wealth Tax Act, was an Act of the Parliament of India that provides for the levying of The Wealth Tax Act, "Finance Act, " (PDF). Gazette. Act Info: Preamble1 - WEALTH-TAX ACT, Chapter I. Section1 - Short title, extent and commencement. Section2 - Definitions. Chapter II. Section3 - Charge . (1) This Act may be called the Wealth-tax Act, (2) It extends to the whole of India. (3) It shall be deemed to have come into force on the 1st day of April. The Wealth-tax act, extends to the whole if India and come into force on 1st April, Subject to other provisions contained in the. Wealth tax is governed by Wealth Tax Act, In this part you can gain knowledge on various provisions of Wealth Tax Act, Here, it is. -

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