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Wealth Tax India
If you are an Indian national and resident as per Indian tax laws, you will have to pay wealth tax in India, even on global assets.
The intent of the law is to tax assets that do not generate an income.
For instance, though your earnings are deposited in a savings bank account, it does not come under the purview of wealth tax as the balance generates interest, which is taxable. In case of some assets, such as a second property that you own, you can avoid wealth tax by generating an income from it, meaning by renting it out for at least days in a financial year.
For one, jewellery generates wealth tax. Jewellery can be made of any precious metal, including gold, silver or platinum, or an alloy containing precious metals.
Even ornaments with precious or semi-precious stones, even set in objects such as furniture or utensils, or sewn onto clothing qualify for payment of wealth tax. Real estate is another major asset that incurs wealth tax.
Realty investments such as urban land bigger than sq metres, a second house or property that has not been let out for more than days in a financial year and a farm house within 25 km from the local limits of a municipality also require you to pay wealth tax. Further, if you own a car, a boat, a yacht or an aircraft or keep cash in excess of Rs 50, these too shall incur wealth tax.
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Moreover, it is not necessary that an asset must be in your ownership for you to pay tax on it. For instance, if you transfer assets that incur wealth tax to your spouse without adequate consideration meaning without being paid for it, say, as a giftthe value of the asset that was transferred must be added to your net wealth for taxation purposes. There are also wealth tax laws pertinent to non-resident Indians, or NRIs.
An asset acquired in India using money brought from the country of residence is exempt from tax under this law. However, the asset would have to be acquired within a year prior to the date of return or at any time thereafter.
The exemption is available for seven successive assessment years from the date of return to India. The value of an asset is as on 31 March of the tax year. What is a belated income tax return? If an individual fails to file their ITR before the due date, then as per section 4 of the income tax Act, he can file a belated return.
Wealth Tax India - Overview, Liability & Components
What is the deadline to file belated ITR? A belated return can be filed at any time before the end of the relevant assessment year or before completion of assessment, whichever is earlier.
The relevant assessment year for a financial year is the immediately succeeding financial year. This means that you can file belated return for FY by March 31,i.
Can you revise belated tax returns? Yes, ITR for FY and onward filed under section 4which is applicable for belated tax returns, can be revised. However, belated returns filed for previous financial years cannot be revised because the income tax law for this was changed from FY For the financial yeara belated return can be revised either before the end of the assessment year, i.
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You will have to pay a penalty and you will also stand to lose certain benefits for not adhering to the income tax filing deadline. Here are the disadvantages of filing a belated return: Penalty Until the last AY, there was no penalty for filing belated income tax returns. However, this penalty is applicable from AYi. A new section, F, was inserted by the government in the Income Tax Act.How Can I Avoid A Tax Refund?
As per this section, an individual would have to pay a fee of up to Rs 10, for filing ITR after the due dates specified in section 1 of the Act.