is to be paid by the taxpayer himselfyou can avoid not escape it is extremely important to take cognisance of the wealth tax laws as tax authorities constantly collate data on your assets as the permanent account number pan is quoted for all financial transactions it comes in handy for the taxman to trace all your investments the individuals also provide details of their investments property buysell information and taxexempt income when they file their tax returns financial institutions report transactions of their account holders above a specified limit so if you have been ignoring your wealth tax liability it wont be long before tax collectors come knocking on your doorway forward with the valuation date approaching it is time to take stock of all your assets and related debts and obtain a valuation if your net wealth exceeds 30 lakh it is mandatory to pay wealth tax and file a return nonpayment of taxes will result in interest being levied even penal action may be taken if default continuesthe author is the senior manager of deloitte haskins sells views expressed are personal