Deposits in foreign banks, paintings, sculptures and expensive watches may come under the wealth tax net as part of the government’s drive to unearth black money.
The proposal to expand the ambit of the Wealth Tax forms part of the Direct Taxes Code (DTC) Bill which is being scrutinised by a Parliamentary Standing Committee. Some of the proposals are likely to be incorporated in the Budget for 2012-13, pending approval of DTC.
The Wealth Tax, according to the proposal, will be levied at one per cent on taxable assets (specified under Wealth Tax Act) exceeding Rs 1 crore. The current limit is Rs 30 lakh.
