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

Ganeshbabu K

Ganeshbabu K (Expert)
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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

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