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Assessment Procedure for Wealth Tax in case of NRI

[Procedure for the Filing of Income Tax and Wealth Tax Returns, Assessment, and Refunds]

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.

Procedure for the Filing of Income Tax and Wealth Tax Returns, Assessment, and Refunds
1. Income Tax Return To Be Voluntarily Filed And Tax Paid On Self-Assessment If An NRI has Taxable Income In India
2. The Assessing Officer Can Also Require The Non-Resident To File Income Tax Return
3. NRls Can Apply For Refund Of Income Tax By Filing Income Tax Return
4. Income Of Nris Is Generally Accepted Without Scrutiny
5. Regular Assessment After Personal Hearing, And Examination Of Papers, Etc. By The Assessing Officer
6. Ex Parte Assessment By The Assessing Officer
7. Re-Assessment Or Additional Assessment In Case Of Income Escaping Assessment
8. Completion Of Assessment And Payment Of Tax
9.Provision Regarding Penal Interest And Penalty For Delay In Filing Income Tax Return Or Payment Of Tax
10. Deduction Of Tax At Source And Payment Of Advance Tax By NRIs
11. Remedies By Way Of Appeal, Etc. Available To A Non-Resident Indian
12. Other Provisions For Rectification And Settlement Of Cases
13. Who can be an Agent of a Non-Resident Indian?
14. Procedure for getting a Permanent A/c Number (PAN)
15. Double Taxation Relief
16. Assessment Procedure for Wealth Tax

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