Wealth tax payment
This query is : Resolved
30 September 2009
Whether payment of wealth tax is a allowable deduction or not ?
30 September 2009
No. As this is personal income tax & part of direct tax on the assessee & hence not allowed as expenses.
30 September 2009
If wealth tax paid by coporatem, deduction in allowed in income tax ?
30 September 2009
Wealth tax paid is not a deductible expenditure under section 40(a)(iia)of The Income tax Act,1961.
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