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The wealth tax is one of many distinct forms of taxes in India's tax system (a.k.a. net worth tax, capital tax or equity tax). As stated in the 2015 budget, the administration removed the wealth tax.

Introduction of Wealth Tax

A wealth tax is a direct tax aimed at reducing wealth inequality. It is levied on the net worth of super-wealthy people, corporations, and Hindu Undivided Families (HUFs). It was repealed and replaced with a 2% extra surcharge fee. Wealth tax, which was introduced in the late 1950s, is a tax imposed at the end of a fiscal year on the net wealth (the aggregate value of assets minus the aggregate value of debts or obligations as of the valuation date) of exceptionally affluent individuals/HUF/companies. Wealth tax was primarily intended to charge super-rich individuals who had earned wealth through inheritance or on their own and so had to make a bigger contribution to the exchequer.

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The Significance of Wealth Tax

Given that India has an estimated 800 million impoverished people, wealth tax has been a politically delicate matter that frequently features in the country's 'pro-poor' and 'pro-industry' narratives. Many political parties have previously proposed that wealth tax rates be raised to 3% in order to force numerous urban and rural crorepatis pay more taxes.

Furthermore, analysts believe that a wealth tax is especially important in today's India, given the rising number of billionaires in the nation as a result of a variety of causes such as expanding entrepreneurship and foreign direct investment in specialised areas, among others. For more details, refer to BookMyEssay’s Wealth Tax assignment help, which is a perhaps the best set of information available on Wealth Tax on the internet.

The Rules of Wealth Tax

One of the primary characteristics used to determine wealth tax obligation was an individual's residence status. Resident Indians were required to pay a wealth tax on their worldwide holdings. Non-resident Indians and foreigners, on the other hand, were only required to pay wealth tax on their holdings in India. If a non-resident Indian returns to India, his assets will be subject to wealth tax. NRI assets purchased within a year after their repatriation are likewise excluded.

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