Wealth Tax
This query is : Resolved
23 July 2008
Please tell me what is the rate of wealth tax.......A company have to pay wealth tax or not
24 July 2008
Yes, the company has also to pay wealth tax on assets defined in section 2(ea) of the Wealth Tax Act. In case of a company the Motor Car is also an asset u/s 2(ea)(ii) of the Act if it is not having these cars for running for hire or as stock in trade. The wealth in excess of Rs 15 lacs is taxable @ 1%
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