About wealth tax payment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 August 2013
Dear Sir,
Is wealth tax payment allowed as a business expenditure or not?
In my own opinion, as per revised schedule-vi, wealth tax paid on assets should be included in rates & taxes under the head other expenses.
Please reply to my query early and do the needful
regards
Is wealth tax payment allowed as a business expenditure or not?
In my own opinion, as per revised schedule-vi, wealth tax paid on assets should be included in rates & taxes under the head other expenses.
Please reply to my query early and do the needful
regards
25 August 2013
1)Yes, in revised schedule VI,, we need to disclose under other expences under Rates & Taxes
Reference : Guidence note on revised schedule VI
2)The amount of Wealth Tax paid is not allowed as a deduction u/s.40(a)(iia) and thus is required to be reported under this clause 17(f) - amounts inadmissible under section 40(a)
Reference : Guidence note on Tax audit
Reference : Guidence note on revised schedule VI
2)The amount of Wealth Tax paid is not allowed as a deduction u/s.40(a)(iia) and thus is required to be reported under this clause 17(f) - amounts inadmissible under section 40(a)
Reference : Guidence note on Tax audit
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