Define wealth tax explain deductions under wealth tax act


Asked by admin @ in Business Studies viewed by 290 People


Explain the Deductions of under wealth tax act

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Wealth Tax Act. The Wealth Tax Act, 1957 governs the taxation process associated with the Net Wealth of an Individual, a Hindu Undivided Family (HUF), or a Company possesses on the Valuation Date. ... It is an Act that provides for the levy of Wealth Tax on liable Assessees and came into force on April 1, 1957.

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