Wealth Tax abolished in India-Budget 2015
Finance Minister Arun Jaitley has proposed to abolish wealth tax. I think this is one of the best part of budget 2015.
The abolition is very positive for tax payers, and even for government. Reason cited by finance minister was that the collection of wealth tax was not beneficial as cost of administration was comparitively more.
However Finance minister also announced that details required in wealth tax returns is not to be provided in Income Tax returns.
The collections from wealth tax were around 1080 crores and this will be made good by charging additional surcharge of 2% for person having income more than 1 crore.
Wealth Tax was an interesting subject. I am unhappy that it has been abolished.
Now people will not disclose their wealth properly and they can choose to take advantage of it