Sec. 2 of Wealth Tax Act, 1957: The amended reassessment proceedings of Income-tax shall be applicable for assessment of Wealth Tax as well.

An amendment has been proposed to be made to Sec.2 of the Wealth-tax Act, whereby exemption has been provided for residential house allotted by a company to an employee/officer/ whole time director of the Company, if the gross annual salary of such individual is less than Rs. 10,00,000 per annum as opposed to the current limit Rs. 5,00,000 per annum.

Wealth tax rate continues to be imposed @ 1 percent on the value of specified assets held by the taxpayer on the valuation date being 31st March every year over the basic exemption of Rs.30,00,000/- per year.

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