deductions of wealth tax?
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A net wealth tax deducted liabilities from an individual's wealth, primarily mortgages and other loans. ... The wealth tax was abolished in the Union Budget (2016-2017) on February 28, 2016, and replaced with an additional surcharge of 2 per cent on the super-rich (those with annual taxable income exceeding Rs 1 crore).
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A net wealth tax deducted liabilities from an individual's wealth, primarily mortgages and other loans. ... The wealth tax was not part of the Income Tax Return (ITR) and was a form of direct tax required to be paid separately at the end of each financial year.
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