wealth tax

Wheather "Jeep" is an asset u/s-2(ea) for Wealth Tax purpose?

Replies (6)

Yes, Jeep will be included in motor car

tell me whether cash in books of prop. business will be incl. in wealth of Prop.

Any amount above Rs.50,000 shall be included
 

For Individual & HUF amount more than Rs.50,000/- is taxable, and for Company the cash which is not recorded in the Books of Accounts is Taxable.

What about cash in a proprietors' books of a/c. This cash ia an asset of Prop. or not as shown in books of accounts

The cash shown in Balance sheet  of  the proprietor's business is taxable with a Limit of Rs. 50,000/-

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