wealth tax

visu (Querist) 06 July 2011 This query is : Resolved
What are the consequence of not filing wealth tax returns and not remitting the wealth tax..!!

Is there any criminal prosecution ... for the default.!!

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A V Vishal (Expert) 07 July 2011
Where the assessee had defaulted in timely furnishing of his return of wealth, then penal interest @ 1% for every month or part of a month of delay is chargeable for Non/Late filing of return.

prabhakar singh (Expert) 07 July 2011
Expert : A V Vishal is right.

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