Wealth tax computation

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ashish gupta (Querist)
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03 September 2012 In case of computation of wealth tax for a company. Value (WDV) of car should be as per Companies Act or Income Tax Act

Rathin Roy

Rathin Roy (Expert)
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04 September 2012 This will always be WDV as per Income Tax Act, not as per books or Financial statements

ashish gupta

ashish gupta (Querist)
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05 September 2012 Sir can you please explain it a little to clear my doubt.

Rathin Roy

Rathin Roy (Expert)
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05 September 2012 The value of Motor Cars for the computation of Net Wealth will be WDV figures as computed after applying depreciation under the Income Tax Act.

Depreciation entry as passed in books in terms of the Companies' Act (Sch XIV), and value of fixed assets as appearing in the Balance Sheets is not relevant for these purposes.
Hope it is clear now.

Ramesh

Ramesh (Expert)
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19 June 2013 Sir,

Can you please give reference of some case laws as there are various answers are given e.g. somebody is saying that insured value as on 31st March is consider.

Thanking you in advance
Ramesh

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