For the purpose of wealth Tax computation of an individual who is a partner in a firm, while calculating Interest held in assets of the firm in which he is a partner, should Cash held by the firm shown under 'Cash in Hand' in its books be considered as Net Wealth?
Yes, for limited purpose Firm is to be treated as Individual and wealth tax is calculated accordingly.
Gowra Ventures Pvt Ltd
Hyderabad
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Arvindkumar Maniar & Co.
Rajkot
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O P Bagla & Co LLP
New Delhi
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VIKAS VERMA & CO
New Delhi
Others
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