The procedure of making assessment, appeal, payment of tax, etc., in the matter of wealth tax under the Wealth Tax Act 1957 in the case of a non-resident Indian broadly follows the same pattern as that under the Income Tax Act. A non-resident is liable to wealth tax in India only when the net taxable wealth in India exceeds Rs. 30 lakh (on and from the A.Y. 2010-20 1 1) as on the valuation date. This sum of net wealth is found out after deducting all the exemptions. The return of net wealth is to be filed on or before the date for voluntary submission of income tax return. The rate of wealth tax is only 1% of the net wealth in excess of Rs. 30 lakh. Many items of wealth are fully exempt from wealth tax. |
