Dear all
Pls clear my confusion I think that wealth tax pay only individual but I saw a annual report of company and co. make provision for wealth tax ? for co. which assets count for wealth tax purpose.
Are company also liable for wealth tax?
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Wealth tax
Replies (3)
Yes...,
Every person is liable to pay wealth tax if wealth exceed maxmimum wealth (Rs. 30,00,000) not liable to be taxed. However, some person are excluded from Wealth tax liability (u/s 45 of the Act) which included "Company registered u/s 25". So other companines are liable to be tax under this Act..
Which companies comes under section 25 of companies act or if you could give definition in your language of companies registered in section 25.
Refer Sec 25 of Companies Act..
It covers club n other such org reistered as company being non profit organisation.....
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