Wealth Tax Lavy is Proposed to be abolished from 1st April, 2016

The wealth tax levy is pro­posed to be abol­ished wef April 1, 2016. The abol­ish­ment is, how­ev­er, to be com­pen­sat­ed from enhanced sur­charge on the high net worth per­sons. Thus, a high­er sur­charge of 12% has been pro­posed on indi­vid­u­als hav­ing income in excess of Rs. 1 crore. For the domes­tic com­pa­nies the sur­charge has been enhanced from 5% to 7% in case of com­pa­nies hav­ing income between Rs. 1 crore and Rs 10 crores. For com­pa­nies hav­ing income above Rs. 10 crores sur­charge has been enhanced from 10% to 12%.