Wealth Tax Assignment Help

Wealth Tax Assignment Help
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Students require thorough understanding and excellent research methodologies to be proficient in the taxation laws. The taxation laws differ from one country to another and the taxation law plays a major role in managing the economies of the country. Wealth tax is a kind of tax which is levied on the net worth or on the value of an individual’s assets. Every country has a legal taxation system which regulates the different kinds of taxes. Countries have a regulatory body which acts through various acts and statutes. This regulatory body determines the taxation amount either in the monetary or in the non-monetary form. To gain expert knowledge of the relevant statutes and the varied regulatory bodies, it is important to take Wealth Tax assignment help from BookMyEssay. Our taxation assignment experts have huge industry experience on the subject of wealth tax and possess the writing skills required for good assignment drafting.

Compared to the income tax obligations of an individual, there is minimal awareness about the wealth tax. Wealth tax is decided on the residential status, nationality, and the venue of the asset. Wealth tax is paid according to the laws of the country where the individual is residing and has to be paid even on the global assets. The objective of the wealth tax is to tax the assets that are non-generating in nature. For example, the earnings deposited in the bank account is outside the concept of wealth tax because the interest generated on the income is taxable. To write an exceptionally well assignment on the wealth tax matters, students take Wealth Tax assignment writing help from BookMyEssay. Our in-house experts are well aware of the recent judicial cases and updations made in the field of wealth tax laws through amendments, which make us deliver the best service any student can ask for.

All About Wealth Tax

Wealth Tax is the tax levied on the market value of the assets owned by an individual. The assets that come under the purview of wealth tax include the following:

  • Jewelry includes any precious metal like gold, platinum, silver or even an alloy having the precious metals. The ornaments that have precious and semi-precious stones qualify for a wealth tax.
  • Real estate generates wealth tax. Urban land exceeding 500 sq meters or a second property let out in excess of 300 days in the financial year or a farmhouse located within 25 km away from the local municipal limits must pay wealth tax.
  • A boat, car, and Yactch also incur wealth tax.

An intangible tax on the financial assets or an Ad valorem duty on the real estate are examples of wealth tax. Many developed countries all over the world decide to levy wealth tax on the assets owned by a person.  It is not mandatory to own an asset in order to pay tax for it. For example, if the assets are transferred to the spouse as a gift which means without adequate consideration, the value of that transferred asset is added to the net wealth for the purpose of taxation. Wealth Tax is levied @ 1% on the net value of the taxable wealth in a financial year. The due date for filing income tax return and wealth tax return is same.

Consequences of Non-Payment of Wealth Tax

PAN or Permanent Account Number is required for all kinds of financial transactions and therefore a tax officer can trace all investments made by a person including the jewelry, vehicles, and property. The assessing officer can determine the wealth tax obligation of a person through the summary of the assets and liabilities held by him.

The consequences of non-filing or incorrect wealth tax return are severe. The provisions of the regular assessment are applicable to wealth tax. Interest is levied @ 1% per month for non-payment of wealth tax within the due date.

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