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Wealth Tax

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About Wealth Tax

            Article 265 of the Constitution lays down that no tax shall be levied or collected except by the authority of law. Schedule VII divides this subject into three categories-

a)

Union list (only Central Government has power of legislation)

b)

State list (only State Government has power of legislation)

c)

Concurrent list (both Central and State Government can pass legislation).

 

Article 246 of the Constitution of India gives the respective authority to Union and State Governments for levying tax. Tax on wealth (capital value of the assets) is levied under Entry No. 86 of list 1 of the seventh schedule to the constitution of India by the Central Government. Central Government is not empowered to levy tax on agriculture land.

Wealth tax is governed by the provisions of wealth tax act, 1957 and rules made there under.

 

Case Laws

We have attempted to cover maximum case laws as far as possible as pronounced by high courts, Supreme Court of India, advance ruling authority etc.

Wealth Tax - All Case Laws

 

(We wish that you would find this section useful. Any discrepancy or error may please be brought to our notice for correction.)

 
 
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