Computation

This query is : Open

Kiran Nandu (Querist)
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10 April 2013 Dear sir/madam,

While calucting Firm Interest under wealth tax, In partnership firm balancesheet shows Rs. 8,00,000/-as cash in hand.

This cash balance should taken into consider for calcuting individual partners interest in firm under wealth tax.

CA Neha Chauhan

CA Neha Chauhan (Expert)
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12 April 2013 No Recorded cash is not to be taken while calculation of Net Wealth of the Firm and as such it is not included in wealth of individual also..

Regards,
Neha Chauhan

Kiran Nandu

Kiran Nandu (Querist)
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12 April 2013 Can u explain me .. why it is not consider in netwealth of Firm.

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