Abolition of Wealth tax, What is the Solution to file Wealth tax returns now ?

You can continue to report your wealth now. It is in the new form in your Income tax returns itself. If your net wealth is below 50 lakhs you need not report, you can only report your wealth above 50 lakhs. The Government has now notified the ITR forms, namely, ITR-1, ITR-2, ITR-2A, ITR-3, ITR-4, ITR-4S, ITR-5, ITR-6 and ITR-7 on March 31, 2016. The Finance Act, 2015 abolished the wealth-tax. Thus, taxpayers are no longer required to file returns of wealth tax from assessment year 2016-17 onwards.

Information which was to be furnished in wealth tax return will now form part of ITR. Thus, in new ITR forms, namely, ITR-1, ITR-2, ITR-2A and ITR-4S the Government has imposed obligation on Individuals and HUFs having income exceeding Rs 50 lakhs to furnish information regarding assets and liabilities.

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