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The wealth tax collection in the year 2008-09 was at Rs 385 crore (Rs 3.85 billion), higher than the collections in the previous year at Rs 340 crore (Rs 3.4 billion), Minister of State for Finance S S Palanimanickam said in a written reply to the Lok Sabha.
He was asked if there has been a decline in the collection of wealth tax during the last three years.
According to the figures given by him, the collections in 2005-06 were Rs 240 crore (Rs 2.4 billion), and Rs 340 crore in 2006-07 while in the last fiscal the wealth tax collections were Rs 385 crore.
The government is also using the Annual Information Return (AIR) data and scrutiny of the wealth tax returns along with the income tax returns to increase the collections of wealth tax.
A wealth tax is levied on all household wealth holdings like owner-occupied housing, cash, bank deposits, money funds, and savings in insurance and pension plans, investment in real estate and unincorporated businesses; and corporate stock, financial securities, and personal trusts.