wealth tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 May 2011
what is the the threshhold limit of cash, while caluculating net wealth in case of companies.
i know that incase of ind & huf if it is Rs.60,000/- on date of valuation, net wealth is 10,000/-.
incase of comapnies, i read that which not recorded in books of accounts. this statement i cant understand
thanks & regards
meena rao agraharapu
i know that incase of ind & huf if it is Rs.60,000/- on date of valuation, net wealth is 10,000/-.
incase of comapnies, i read that which not recorded in books of accounts. this statement i cant understand
thanks & regards
meena rao agraharapu
23 May 2011
Cash in hand - In case of individual and HUF, cash in hand on the last moment of the valuation date in excess of Rs. 50,000 is an ‘asset’. In case of companies, any amount not recorded in books of account is ‘asset’ [Section 2(ea)(vi)]
It means in case of companies---
Cash Balance as per books Rs 1 Lac
Actual Cash Balance Rs 1.5 Lacs. So Rs 0.5 Lacs will be treated as ‘asset’ u/s 2(ea)(vi).
It means in case of companies---
Cash Balance as per books Rs 1 Lac
Actual Cash Balance Rs 1.5 Lacs. So Rs 0.5 Lacs will be treated as ‘asset’ u/s 2(ea)(vi).
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23 May 2011
Make a little correction. Limit for cash in hand in case of individual, huf is rs.50000. Nd for companies any amt of cash which is nt recorded in buks.
23 May 2011
Make a little correction. Limit for cash in hand in case of individual, huf is rs.50000. Nd for companies any amt of cash which is nt recorded in buks.
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