Wealth Tax Proposals Under DTC for NRIs Returning to India

The Direct Tax Code ('DTC') Bill, 2010 is proposed to come into force from April 01, 2012. This bill is yet to be passed by the Parliament and may therefore have further changes before being enacted into law. While retaining the wealth tax rate at 1%, the DTC proposes to increase the non-taxable threshold of net wealth to one crore rupees from the existing limit of thirty lakh rupees.