Dear all
Pls clear my confusion I think that wealth tax pay only individual but I saw a annual report of company and co. make provision for wealth tax ? for co. which assets count for wealth tax purpose.
Are company also liable for wealth tax?
3 Replies
Arvind Sharma
(ACA)
(1432 Points)
Replied 21 October 2011
Yes...,
Every person is liable to pay wealth tax if wealth exceed maxmimum wealth (Rs. 30,00,000) not liable to be taxed. However, some person are excluded from Wealth tax liability (u/s 45 of the Act) which included "Company registered u/s 25". So other companines are liable to be tax under this Act..
Pankaj Arora
(Learner)
(3134 Points)
Replied 21 October 2011
Which companies comes under section 25 of companies act or if you could give definition in your language of companies registered in section 25.
Arvind Sharma
(ACA)
(1432 Points)
Replied 21 October 2011
Refer Sec 25 of Companies Act..
It covers club n other such org reistered as company being non profit organisation.....
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