Wealth tax payment

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makarand patade (Querist)
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30 September 2009 Whether payment of wealth tax is a allowable deduction or not ?

chetan soni (Expert)
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30 September 2009 No. As this is personal income tax & part of direct tax on the assessee & hence not allowed as expenses.

makarand patade (Querist)
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30 September 2009 If wealth tax paid by coporatem, deduction in allowed in income tax ?

Bhaskaran Chackrapani Warrier (Expert)
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30 September 2009 Wealth tax paid is not a deductible expenditure under section 40(a)(iia)of The Income tax Act,1961.

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