Wealth-Tax Returns and Related Services
Wealth tax in India is a direct tax, levied under the Wealth-tax Act, 1957, which is charged on the net total wealth of the assessee. The wealth-tax is to be paid each year on the same property on the basis of its market value, irrespective of whether or not such property yields any income. Chargeability to the wealth-tax also depends upon the residential status of the assessee, same as the residential status for the purpose of the Income Tax Act.
