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What is wealth tax?

Wealth tax was introduced in 1957 and tax payers used to pay 1 per cent as wealth tax on net wealth of value of over Rs 30 lakh

Research Desk

What is wealth tax? How is calculated?
- VK Gupta

The finance minister has abolished wealth tax from financial year 2015-16. A surcharge of 2 per cent on super rich taxpayers with an annual income of over ₹1 crore was introduced to compensate for the loss of revenue due the abolition of wealth tax. Wealth tax was introduced in 1957 and tax payers used to pay 1 per cent as wealth tax on net wealth of value of over ₹30 lakh.

This article was originally published on December 17, 2015.

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