Whether it is asset?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 March 2012
Our company has given 8 cars to 8 sales executives.
Do we need to pay wealth tax on these cars? Can we say these cars have been using for commercial purpose?
Thanks in advance.
Do we need to pay wealth tax on these cars? Can we say these cars have been using for commercial purpose?
Thanks in advance.
30 March 2012
Cars used for commercial purpose is relevant for persons who run taxi services etc. That is the maening of commercial use.
These cars do not satisfy this criteria and are covered under Wealth Tax
These cars do not satisfy this criteria and are covered under Wealth Tax
30 March 2012
Yes you need to pay wealth tax on cars. Only motor cars used for running them on hire and stock in trade only be excluded from the definition of assets u/s 2(ea)
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 March 2012
Thanks for your reply...
What value do we need to consider to pay wealth Tax?
As per wealth tax, WDV value should be considered, but WDV as per companies act or as per income tax? Bcoz it says value of assets disclosed in balance sheet.
What value do we need to consider to pay wealth Tax?
As per wealth tax, WDV value should be considered, but WDV as per companies act or as per income tax? Bcoz it says value of assets disclosed in balance sheet.
31 March 2012
Depreciation means here depreciation as per Income tax, because it it says admissible depreciation.
Assets disclosed in the balance sheet need to be adjusted by depreciation.
Assets disclosed in the balance sheet need to be adjusted by depreciation.
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