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Wealth Tax,

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   Jameel
Friday, November 12, 2010 05:11 AM 
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Would someone advise what is wealth Tax and on what what type of assets it is due @ what rate?
ZIA MIAN replied on Friday, November 12, 2010 05:34 AM 

Under the present government policy, no wealth tax is payable. However every income tax payer is to submit a detail of his/her assets alongwith the annual income tax return. This detail of assets is known as wealth statement. This weath used to be taxable previously. In case the the assets exceeded a certain limt, the holder had to pay wealth tax on that. However it was discontinued quite a few years ago when the government revised the taxation policy. Rumours are rife that this tax known as wealth tax may be reimposed.
Jameel replied on Friday, November 12, 2010 08:25 AM 

Thanks Zia,
In India still wealth tax is taken and it is 1% annually on assets more than 30 Lac. However Nonresident Indians are given exemption and That exemption stays 7 years after they return to India.
Can someone recall what were prevailing rules of wealth Tax in Pakistan?
Kashif replied on Friday, November 12, 2010 09:23 AM 

Dear All,

Accordign to my knowledge, Wealth statment is applicable and available when you will to submit your return online.

https://e.fbr.gov.pk/

Check this site, Create your accout and you will wealth statment. You can also check the guides alvailabe on this site like how to submite your ITR and wealth statment.

I have submitted my wealth statment alongwith ITR for 2010.

those individual who has the pay of more then 50,000 must submit the wealth statments along with ITR 2010.
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