Ministry of Finance 

01.04.2016

Direct Taxation

Wealth tax return not required 2016-2017 onwards

With the Central Government’s recent decision to abolish the wealth tax, the Central Board of Direct Taxes added that taxpayers are also not required to file a wealth tax return from assessment year 2016-2017 and onwards. The update is tempered somewhat by the fact that though a distinct return on wealth is not required, information contained therein must be included in the income tax return.

Tags : wealth tax abolish income tax return

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