Wheather "Jeep" is an asset u/s-2(ea) for Wealth Tax purpose?
6 Replies
MOHIT MAHAJAN
(LCS, ACA)
(2050 Points)
Replied 30 October 2010
Yes, Jeep will be included in motor car
Tanu
(Accountant)
(767 Points)
Replied 08 November 2010
tell me whether cash in books of prop. business will be incl. in wealth of Prop.
MOHIT MAHAJAN
(LCS, ACA)
(2050 Points)
Replied 08 November 2010
Any amount above Rs.50,000 shall be included
Somaas Kandan
(CA Final)
(385 Points)
Replied 09 November 2010
For Individual & HUF amount more than Rs.50,000/- is taxable, and for Company the cash which is not recorded in the Books of Accounts is Taxable.
Tanu
(Accountant)
(767 Points)
Replied 13 November 2010
What about cash in a proprietors' books of a/c. This cash ia an asset of Prop. or not as shown in books of accounts
Somaas Kandan
(CA Final)
(385 Points)
Replied 13 November 2010
The cash shown in Balance sheet of the proprietor's business is taxable with a Limit of Rs. 50,000/-
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