Wealth tax liability

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..... Wealth tax liability
Query (Issue) Started By: - Vikas Aggarwal Dated:- 19-8-2013 Last Reply Date:- 24-8-2013 Other Topics
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Indian Laws
Dear all, Can you please suggest me in .....

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..... the following issue:- An individual run a proprietorship business and having liable to tax audit, on 31.3.2012 in his audited balance sheet show cash of Rs. 2,50,000/- is this cash liable for Wealth .....

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..... tax, this cash is a normal course of business activity & totally use in the business of the individual (This cash is a productive asset) Can there is any judgement to exempt this excess cash for lia .....

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..... ble to wealth tax. regards, CA Vikas Aggarwal Reply By CA GOPALJI AGRAWAL: The Reply: Keeping in view that your taxable wealth exceeds the limit of Rs. 30.00 lac from other assets, cash in excess .....

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..... of 50K would be taxable in case of individual.
Discussion Forum - Knowledge Sharing .....

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