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of <h1>Clarification on Wealth-Tax: Deposits for 'Own Your Telephone' Scheme Are Not Taxable Assets Under Wealth-tax Act, 1957.</h1> The circular addresses the taxability of deposits made under the 'Own Your Telephone' Scheme under the Wealth-tax Act, 1957. It clarifies that such payments are advance payments for telephone rent rather than deposits. These amounts are adjusted in rental bills over time, and any unadjusted amount is considered a debt due to the assessee, typically treated as an asset for wealth-tax purposes. However, to simplify matters and align with previous instructions, it advises that these deposits should not be included in total wealth unless declared as an asset by the assessee in their accounts or balance sheet.
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