Wealth Tax

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 March 2011 How the wealth Tax Will be calculate if an assessee has
Fixed asseta 500,000.00
Investment 6,000,000.00
Current Assets 15,000,000.00
Cash 3,000,000.00
Sundry Creditor 3,100,000.00

while Calculating Wealth Tax what is to included in assets whether Fixed assets Investment Current assets is exempt u/s 5
And only the cash is taxable as
3000000-1500000-50000=1450000
Rs 1450000 is taxable @1%

Or
We have to consider as deduction of creditors in cash or we have to not give any effect of creditors
please reply.
if have any working please send.

Querist : Anonymous

Querist : Anonymous (Querist)

03 March 2011 How the wealth Tax Will be calculate if an assessee has
Fixed asseta 500,000.00
Investment 6,000,000.00
Current Assets 15,000,000.00
Cash 3,000,000.00
Sundry Creditor 3,100,000.00

while Calculating Wealth Tax what is to included in assets whether Fixed assets Investment Current assets is exempt u/s 5
And only the cash is taxable as
3000000-1500000-50000=1450000
Rs. 1450000 is taxable @1%

Or
We have to consider as deduction of creditors in cash or we have to not give any effect of creditors
please reply.
if have any working please send.