Computation of Assesseable Value for Weath Tax
This query is : Resolved
14 July 2010
Kindly let me know how the share of an individual in the partnership firm would be computed for including in the partners wealth. Please specify one thing clearly that wether the cash balance of partnership firm would be included in the Wealth of partners.????
15 July 2010
As far as the Cash balance of a partnership concern is there, in the case of the Ind & HUF it is taken if it is more than 50000 & in case of others only the amount not recorded in the Books of Accounts. So the cash balance will not be taken in the in the wealth of Partners.
Also refer Rule 15 & Rule 16 of the WTA to find out the steps for the calculation of the Share of Partners in wealth of a Firm.
Also refer Rule 15 & Rule 16 of the WTA to find out the steps for the calculation of the Share of Partners in wealth of a Firm.
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
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Cash balance limit and property purchases limit
- EXPORT COMMERCIAL INVOICE HSN CODE
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
