Wealth tax
This query is : Resolved
06 January 2011
Dear Sir,
What is the rounding off value on computation of Wealth Tax.
What is the rounding off value on computation of Wealth Tax.
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
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.
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]
wealth tax payable to to be rounded off in nearest of Rs. 100 [section 44D]
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