Economy, asked by krishnagupta67831, 3 months ago

Define wealth tax. Explain deductions of wealth tax act

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Answered by mahekjain0406

1

Answer:

Wealth tax was a charge levied on the total or market value of personal assets. ... According to the Wealth Tax Act, 1957, an individual, Hindu Undivided Family (HUF) and companies are required to pay wealth tax at the rate of 1 per cent on net wealth exceeding Rs 30 lakh as on the last day of the financial year.

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