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Wealth tax

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(Querist)
24 March 2014 Dear Sir, Do a partner ship firm need to file return wealth tax return or how valuation of his assets will be done for wealth tax purpose?? thank you
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CA Surendra Bhatt (ACA,DISA)

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CA Surendra Bhatt (ACA,DISA) (Expert)
24 March 2014 Wealth Tax is applicable to all the assessess except for the following:-

1)Section 25 company
2)Co-operative society
3)Social club
4)Political party
5)Mutual Fund specified u/s. 10(23D) of the I.T. Act.

For Valuation, refer section 7 of Wealth Tax Act.

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