| The Wealth Tax Act, 1957 | |
|---|---|
 | |
| Parliament of India | |
| |
| Citation | Act No. 27 of 1957 |
| Enacted by | Parliament of India |
| Commenced | 1 April 1957 |
| Status: Repealed | |
The Wealth Tax Act, 1957 was an Act of the Parliament of India that provides for the levying of wealth tax on an individual, Hindu Undivided Family or company. The wealth tax was levied on the net wealth owned by a person on a valuation date, i.e., 31 March of every year. The Act applies to the whole of India. The application of the Act has been discontinued since 1 April 2016.[1]
The wealth tax was abolished in the Union Budget (2016–2017) presented by Union Finance Minister Arun Jaitley on 28 February 2016. The wealth tax was replaced with an additional surcharge of 2 per cent on the super rich with a taxable income of over 1 crore annually.[2]
- ^ "Finance Act, 2015" (PDF). Gazette of India. Retrieved 19 May 2015.
- ^ "Finance Act, 2015" (PDF).