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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Last year TDS Claim
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- REGARDING GST LIABILITY/....
- Taxation on LTCG for property sold after 24JUL2024
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Free lancer income
- Long Term Service award taxability in hands of company
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
