Wealth tax computation
This query is : Resolved
03 September 2012
In case of computation of wealth tax for a company. Value (WDV) of car should be as per Companies Act or Income Tax Act
04 September 2012
This will always be WDV as per Income Tax Act, not as per books or Financial statements
05 September 2012
Sir can you please explain it a little to clear my doubt.
05 September 2012
The value of Motor Cars for the computation of Net Wealth will be WDV figures as computed after applying depreciation under the Income Tax Act.
Depreciation entry as passed in books in terms of the Companies' Act (Sch XIV), and value of fixed assets as appearing in the Balance Sheets is not relevant for these purposes.
Hope it is clear now.
Depreciation entry as passed in books in terms of the Companies' Act (Sch XIV), and value of fixed assets as appearing in the Balance Sheets is not relevant for these purposes.
Hope it is clear now.
19 June 2013
Sir,
Can you please give reference of some case laws as there are various answers are given e.g. somebody is saying that insured value as on 31st March is consider.
Thanking you in advance
Ramesh
Can you please give reference of some case laws as there are various answers are given e.g. somebody is saying that insured value as on 31st March is consider.
Thanking you in advance
Ramesh
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