08 December 2009
Can u please guide me regrding the value to be considered for Net Wealth in the case of Vehicles recorded in the Balance Sheet of a Pvt. Ltd. Co. ? Is it WDV as per Companies Act or is it WDV as per Income Tax Act ? (Refernce : Schedule III of the Wealth Tax Act)
09 December 2009
Vehicle is not come under the definition of asset under wealth tax act. See sec 2(ea)(ii).Even motor car is not considered as asset, if used for business purpose.So, why need to value vehicle?????
CAclubindia
