Wealth tax

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Mantu Agarwal

Mantu Agarwal (Querist)

06 January 2011 Dear Sir,
What is the rounding off value on computation of Wealth Tax.

CS Taher

CS Taher (Expert)

06 January 2011 Wealth Tax is levied on Non-productive assets whose value exceeds Rs.1.5 million.The Non-Productive assets include residential house, jewellry, bullion, motor cars, aircraft, urban land,etc

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

06 January 2011 The amount of net wealth computed in accordance with the provisions of the wealth tax act,1957 shall be rounded off to the nearest multiple of one hundred rupees and, for this purpose, any part of a rupee consisting of paise shall be ignored and thereafter, if such amount contains a part of one hundred rupees, then, if such part is fifty rupees or more, the amount shall be increased to the next higher amount which is a multiple of one hundred and, if such part is less than fifty rupees, the amount shall be reduced to the next lower amount which is a multiple of one hundred; and the amount so rounded off shall be deemed to be the net wealth of the assessee for the purposes of the said Act.

Manmohan ACA, CS

Manmohan ACA, CS (Expert)

07 January 2011 wealth to be rounded off in nearest of Rs. 100 [section 44C]
wealth tax payable to to be rounded off in nearest of Rs. 100 [section 44D]

CS Taher

CS Taher (Expert)

07 January 2011 Agree with Experts...

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