Wealth tax payment

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(Querist)


30 September 2009

Whether payment of wealth tax is a allowable deduction or not ?


chetan soni (Expert)


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)


30 September 2009

If wealth tax paid by coporatem, deduction in allowed in income tax ?


B.Chackrapani Warrier (Expert)


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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