Wealth Tax

Other than Income-tax, there is another direct tax act called the Wealth-tax Act, 1957. It extends to the whole of India. It shall be deemed to have come into force on the 1st day of April, 1957. Wealth tax is an annual tax like income tax. It is charged for every assessment year for net wealth of corresponding valuation date on every individual, Hindu Undivided Family and company at the rate of 1 of the amount by which net wealth exceeds Rs. 15 lakhs.