Regarding wealth tax

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narayan (Querist)
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25 May 2009 dear sir/madam,

my query is
mr.A is proprietor of small scale industry , his net worth is more than 25 lacks, but he registered all his assets under company name.
my question is,whether is he need to pay the wealth tax? whether wealth tax is applicable other than individual and HUF? if yes under which section?

Manikanta Raju CA,CWA,(CS)

Manikanta Raju CA,CWA,(CS) (Expert)
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26 May 2009 According to sec3(2) of wealth tax Act,1957-
WTax is applicable to -
1) Individual
2) HUF
3) Company other than sec25 company
4) AOP chargeable u/s 21AA

In you case Wealth tax is payable for the company