Wealth tax on cash in hand of proprietorship firm for indiv

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Querist : Anonymous

Querist : Anonymous (Querist)

22 January 2014 is wealth tax will be charged on individual for having cash in hand as owner of proprietorship firm

CA SAYANTAN BASU

CA SAYANTAN BASU (Expert)
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25 January 2014
Dear sir ,
being a owner of the proprietorship firm ,
his status in the wealth tax return will be individual assessee .... form BA ....So the rules set for the indivudual assessee will be applicable ..... So as per section 2(ea) of the wealth tax act 1957 it will be taxable if it goes beyond the taxable limit of rs 50000...hope ur problem is solved ...