Vinay Ramachandran (Chartered Accountant) (168 Points)
18 May 2010Hi everyone,
We know for a fact that there is education Cess on Service tax,Excise,customs.
But why is it that there is no education Cess on wealth tax??
Could someone please tell the exact reason??
Thank you!!
Rachit
(Analyst)
(913 Points)
Replied 18 May 2010
Because Wealth tax act does not prescribe levy of the same.
Same is the case with Sales Tax (VAT)
Vinay Ramachandran
(Chartered Accountant)
(168 Points)
Replied 19 May 2010
hi guys i thnk i found the exact reason......it is becoz the finance act 2004 introduced e cess and specifically mentions tht it is applicable 2 IT,ED,Customs and ST....Wealth tax not included..........
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