The maximum limit of net wealth not chargeable to tax under provisions of the Wealth Tax Act,________ is Rs.___________ at present.

Answer(s): C

Wealth Tax is charged at _________ the amount by which the net amount exceeds Rs.
____________________

Answer(s): A

Is there any default for not/late filling of wealth tax returns?

Nil, there is no default for not/late filling of wealth tax returns as you can file at the end date of any quarter.
Yes, penal interest at the rate of 1% every month or part of the month of delay is chargeable for Non/Late filling of Return.
Yes, penal interest at the rate of 2% per month of the part of the month of delay is chargeable for Non/Late filling of return.
Nil, there is no default for not/late of wealth tax returns as the Wealth tax is deducted at source.

Answer(s): B