Wealth tax

This query is : Resolved

CA Rajani Bhagat (Querist)
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23 March 2015 Dear Sir,
in 26 as, major head 0032 (Wealth Tax) has been shown in self assessment tax paid. while making computation of the assesee I have not shown it as deduction from total tax payable as we do it for advance tax.
While doing prefill of ITR - 4, wealth tax paid is coming in Schedule IT.
Is it (wealth tax paid) a deduction to be claimed from total tax payable?

Plz reply

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 March 2015 no, as both wealth tax and income tax are to be paid and considered seperately only.

CA Rajani Bhagat

CA Rajani Bhagat (Querist)
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23 March 2015 Thank You Sir, But while doing prefill in ITR- In schedule It
0032 Wealth Tax 48500
0021 Advance Tax 50000

Is showing, n making a huge refund In TTI column Of ITR, so shall i Delete - 0032 Wealth Tax 48500, from schedule IT
Plz guide

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 March 2015 yes do not select or even if its prefilled then remove the selection of wealth tax 0032 as that is not taken into cal while cal tds and adv tax for income tax.

CA Rajani Bhagat

CA Rajani Bhagat (Querist)
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23 March 2015 Thank You so much Sir

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 March 2015 you are welcome rajani.

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