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Wealth Tax Interview Questions

Below we have listed all the Wealth Tax Interview Questions and answers. Feel free to comment on any Wealth Tax Interview Questions or answer by the comment feature available on the page.

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Wealth tax is a direct tax, which is charged on the net wealth of the assessee. Wealth tax is chargeable in respect of Net wealth corresponding to Valuation date.Net wealth means all assets less loans taken to acquire those assets. Wealth tax is 1% on net wealth exceeding 30 Lakhs (Rs 3,000,000). So if you have more money, assets you are liable to pay tax. Note:- Wealth tax is abolished by government in budget 2015.Now onwards surcharge of 12% is applicable on individual earning 1 crore and above. Wealth Tax is a tax based on the market value of assets that are owned. These assets include, but are not limited to, cash, bank deposits, shares, fixed assets, private cars, assessed value of real property, pension plans, money funds, owner occupied housing and trusts. A wealth tax (also called a capital tax, equity tax, or net worth tax) is a levy on the total value of personal assets, including owner-occupied housing; cash, bank deposits, money funds, and savings in insurance and

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Question
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What is Wealth Tax?
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How much wealth tax was collected in the last fiscal?
4.0 Rating
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What has replaced Wealth Tax and will it make super rich pay more or less?
4.2 Rating
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What was the main reason cited by the finance minister to abolish the wealth tax?
3.3 Rating
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Can resident taxpayers hold assets within or outside India sans disclosures as a result of abolition of wealth tax?
3.2 Rating
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What are the assets which were covered under wealth Tax?
3.6 Rating
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What is the significance of Wealth Tax?
3.7 Rating
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What is the fine for not/late filing of wealth tax returns?
4.6 Rating
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Why has Wealth Tax been abolished?
4.0 Rating
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Where should taxpayers furnish all the particulars which were hitherto submitted in wealth tax returns?
4.6 Rating
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Under Wealth Tax, what is Net Wealth?
3.6 Rating
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What is Wealth Tax in India?
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What are the Wealth Tax Exemptions/Limits?
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Who is liable to file wealth tax returns?
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What is the impact of abolishing Wealth Tax, on Super-Rich Taxpayers?
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How Wealth Tax was calculated?
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What are the due dates for filing of wealth tax returns?
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How is Surcharge & Net Taxable Income Calculated?
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What is the effect of Residential Status of an Individual on Wealth Tax?
4.5 Rating
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Is it mandatory to file Wealth Tax returns online only?
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India News Network
Latest 20 Questions
Payment of time- barred debt is: (a) Valid (b) Void (c) Illegal (d) Voidable
Consideration is defined in the Indian Contract Act,1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)
Which of the following is not an exception to the rule, "No consideration, No contract": (a) Natural love and affection (b) Compensation for involuntary services (c) Completed gift (d) Agency
Consideration must move at the desire of: (a) The promisor (b) The promisee (c) The promisor or any other party (d) Both the promisor and the promisee
An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer
Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
A advertises to sell his old car by advertising in a newspaper. This offer is caleed: (a) General Offer (b) Special Offer (c) Continuing Offer (d) None of the above
In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations (d) None of the above
In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above
If entire specified goods is perished before entering into contract of sale, the contract is (a) Valid (b) Void (c) Voidable (d) Cancelled
______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory
A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
_____________ is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract
There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance (a) Cross Offer (b) Standing Offer (c) Counter Offer (d) Special Offer
An offer is made with an intention to have negotiation from other party. This type of offer is: (a) Invitation to offer (b) Valid offer (c) Voidable (d) None of the above
When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
A specific offer can be accepted by ___________. (a) Any person (b) Any friend to offeror (c) The person to whom it is made (d) Any friend of offeree
An agreement toput a fire on a person's car is a ______: (a) Legal (b) Voidable (c) Valid (d) Illegal
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