Wealth Tax has been abolished in India from FY 2015-16 onwards and instead 2% surcharge on income above Rs.1 cr (i.e. HNI) has been introduced in ITR. This is for Individuals & HUFs
I would like to know the status of corporates w.r.t. wealth tax
2 Replies
Nishchal Rastogi
(Accounts Executive)
(59 Points)
Replied 26 June 2018
The wealth tax was abolished in the Union Budget (2016 - 2017) presented by Union Finance Minister Arun Jaitley on 28 February 2015 which provides for the abolition of wealth tax from Individuals, HUF as well as the Companies.
Nishchal Rastogi
(Accounts Executive)
(59 Points)
Replied 26 June 2018
That was the abolition of complete Wealth Tax not the applicability of Wealth Tax.
Further, as you said 2% surcharge is applicable on Individual and HUF, the companies are also liable to pay the surcharge.
You may also refer to the link : For more details
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