treatment of cash in hand in wealth tax
This query is : Resolved
23 December 2011
sir, in wealth tax in treatment of cash in hand as an asset for companies i didn't understand "any amount not recorded in books of account"..... plz answer
sir, in wealth tax in treatment of cash in hand as an asset for companies i didn't understand "any amount not recorded in books of account"..... plz answer
23 December 2011
1.Cash in hand in excess of Rs. 50000 in case of individuals and HUF is asset in wealth tax act.
2. In any other case like company any amount not recorded in books of accounts(whether in excess of Rs. 50000 or not)
means unrecorded cash in the books of accounts. means unaccounted cash found in case of search & seizure.
2. In any other case like company any amount not recorded in books of accounts(whether in excess of Rs. 50000 or not)
means unrecorded cash in the books of accounts. means unaccounted cash found in case of search & seizure.
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