Growth in number of assessees

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Seema (Querist)

22 November 2007 Is there any correlation between growth in the number of income tax assessees and the growth in the number of wealth tax assessees? Please suggest any working papers or study material on the same issue.

R.V.RAO

R.V.RAO (Expert)

22 November 2007 INCOME IS GENERATED THROUGH WEALTH ONLY , EITHER THROUGH OUR WEALTH OR OTHERS WEALTH.
FOR EXAMPLE, INTEREST INCOME IS GENERATED THROUGH DEPOSITS MADE WITH BANKS/OTHERS.
AS ONE ACCUMULATES WEALTH, INCOME GENERATING WEALTH IN SHORT OR LONG TERM, ONE WILL HAVE A STREAM OF INCOME.
FOR eg. I KNOW PEOPLE WHO PUT MONEY IN POST OFFICE MIS,( GENERATING MONTHLY INCOME ),fixed deposits,purchase of flats/houses and give on rent/invest in mutual funds.aal these giving regular income.
my POINT IS WEALTH ACCUMULATED GENERATES INCOME periodical/ monthly .
passage of time leads to wealth accumulation ,as in real estate.
income reinvested becomes wealth again over a period of time.
so income and wealth chase each other. so it is bound to have correlation.
but the mute question is transparency. how many wealh crators and wealth owners file wealth tax returns, though of course , i agree ,there are many exemptions like own house, motor or family jewellery exempted from wealth tax.
as for working paper or material on this subject, i regret, i dont have readily with me any. but i suggest pl. type the exact words of
" correlation between growth of income tax assessees and wealth tax assessees in india"
in the google search bar by opening www.google.com.
iam sure you get lot of material to read.
R.V.RAO

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