Every Individual, Hindu Undivided Family and Company whose net wealth exceeds the maximum amount which is not chargeable to wealth tax in any previous year ending of 31st March is liable to file the wealth tax return. The maximum limit of net wealth not chargeable to tax under the provisions of the Wealth tax Act, 1957 is Rs. 30 lakhs at present. Due Date for Wealth Tax Return and Income Tax return are same, so individual has to file wealth tax return for previous by 31st July of Assessment year and person has to pay wealth tax @1% and in case of non payment of wealth tax interest is payable at 1% for every month of delay on wealth tax payable.
WHAT IS NET WEALTH?
Net wealth is the aggregate value, computed under the provisions of the W.T. Act, 1957, of all assets (including deemed assets), belonging to the assessee on the valuation date, MINUS the aggregate value of all debts owed by the assessee on the valuation date which have been taken in relation to the assets attracting wealth tax.
HOW IS WEALTH TAX CHARGED?
It is charged @ 1% of the amount by which the net wealth exceeds Rs. 30 Lakhs.