Enhancement of the limit for payment of wealth tax, Limit of wealth tax increased.
Under the existing provisions of section 3 of the Wealth-tax Act, wealth tax is charged every year in respect of net wealth on the valuation date, of every individual, Hindu undivided family and company at the rate of 1% of the amount by which the net wealth exceeds Rs.15.00 lakhs.
It is tendered to increase the threshold limit for payment of wealth tax from Rs.15.00. lakhs to Rs. 30.00 lakhs because of inflation-adjustment,
The recommended amendment will apply for the value of net wealth as on 31st March, 2010 and will apply in relation to assessment year 2010-11.
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Can’t state enough how important the sacrifices that go into wealth creation are.
Curious if anyone has caught this book yet? “The Richest Man in Town” by W Randall Jones. I’ve read half of it so far and let me tell you it is well worth it. Would like to hear what everyone else thought of it?
http://www.richestmanintown.com
It is a good move to enhance wealth tax exemption limit from 15 to 30 lakhs.