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Wealth Tax : Proposal To Reintroduce

Kumari Sonali

Wealth Tax : Proposal To Reintroduce

The proposal to reintroduce wealth tax in India has sparked debates, with arguments for reducing inequality through redistribution versus concerns over capital flight and administrative inefficiencies.Wealth tax is a direct tax levied on the net wealth of individuals, HUFs, and companies to ensure redistribution of resources. In India, it was governed by the Wealth Tax Act, 1957, abolished in 2016 due to high administrative costs and low revenue collection.

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