Cash balance above 50000
Querist : Anonymous
Like there must not be enough cash or same should have been invested some where else.
And further his Turnover is around 8-9 Lakhs... & Gross total Income after deduction UC VIA Always remains below Exemption Limit..
Turnover even if above 8 lakh, there is no need to file ITR if total income before giving deductions under chapter VIA(GROSS TOTAL INCOME)less than maximum amount not chargeable to tax.
Querist : Anonymous
& what is the Proper limit above which it is taxable under wealh tax.?
Net wealth includes Assets(Section 2ea of wealth tax act) that includes cash above 50000 minus related liabilities.
Querist : Anonymous
What liabilities shall come under this head.?
future. In the computation of net wealth, from the total of all assets value of debts
owed by an assessee is deductible provided following conditions are satisfied
i) Debt is owed by assessee on valuation date
ii) Debt should have been incurred in relation to acquisition or creation of
any asset( listed in Section 2ea), which is taxable for Wealth Tax in the hands of assessee.
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