Although this may not yet apply to many India citizens at this stage, it is always good to know that apart from Income tax, there is also one ‘Wealth tax’ which is payable by Individual, HUF or a company yearly. At present, any ‘Net Wealth’ which is above Rs.15 lakhs is chargeable in other words, Wealth tax exemption limit is Rs.15 lakhs)
So how do you calculate Net Wealth?
Simply minus all the debts from the assets (movable and immovable properties, Ornaments, Cash in hand, Bank deposits etc) as on the day of valuation
If you Net Wealth is above Rs.15 lakhs, you should be paying 1% of that amount which is over Rs.15 lakhs as the wealth tax.
To file your Wealth tax, you should use Form BA, which is available on the official Income Tax India page.
The due dates to file your wealth tax are same as those for filing income tax returns. In case you don’t file your wealth tax or file it late, an interest rate of 1% per month is payable.