18 November 2011
No Fixed deposit does not comes within the ambit of section 2(ea) of wealth tax act. Hence fixed deposit is not an asset for wealth tax purpose.
Wealth tax is imposed @ 1 percent on the value of specified assets held by the taxpayer on the valuation date (31 March) in excess of the basic exemption of INR 3,000,000.
Wealth tax is imposed @ 1 percent on the value of specified assets held by the taxpayer on the valuation date (31 March) in excess of the basic exemption of INR 3,000,000.
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