Please Help: Wealth Tax
Posted Date : 27-Aug-2011 , 01:09:09 pm | Posted By Bireshwar Kumar
Cash in hand as shown in balance sheet of Prporietory concern wil come in prwview of wealth tax or not.
Category : Income Tax | Answers : 3 | Comments : 4 | Hits : 842
Answers
Answer By: CA Manzurhasan J Shaikh
Dear Bireshwar,
If the Cash in Hand is in EXCESS of Rs.50,000/- , then Wealth Tax is applicable to Proprietary concern.
If the Cash in Hand is in EXCESS of Rs.50,000/- , then Wealth Tax is applicable to Proprietary concern.
Answer By: Rohit Agarwal
wealth tax is applicable only in case of individual, HUF and companies..
Answer By: Ketan Samdani
Cash in hand in excess of Rs. 50000/- will be taxable asset under wealth tax.
Comments
CA VIPIN GARG
27-Aug-2011 , 02:18:07 pmyes it will come under the purview of wealth tax act but it is to be considered as an asset only if it is in excess of Rs. 50000.
Gaurav Gupta
27-Aug-2011 , 03:16:29 pmif other than indi and huf then no indi and huf in excess of 50000
ca nitin
27-Aug-2011 , 06:38:37 pmdear if amount excess in above 50000 than applicable wealth tax
rajat bhatia
29-Aug-2011 , 09:29:27 pmin case of individual & HUF, cash in balance sheet in excess of Rs 50000 will be taken for wealth tax calculation. in case of an assessee other than individual & HUF, cash not accounted for in the books (ie. unaccounted) is taken for wealth tax calculation..