Wealth tax liability: Individuals, HUFs, companies and trusts may be taxable; specified entities are exempt from direct levy. Persons liable to wealth tax include Individuals, Hindu Undivided Families, Companies and Trusts treated as individuals. Exempt entities include companies registered under section twenty five of the Companies Act, co operative societies, social clubs, political parties, specified mutual funds, and partnership firms or associations of persons; however, an assessee's share in a partnership firm or AOP is included in computing the assessee's net wealth.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Wealth tax liability: Individuals, HUFs, companies and trusts may be taxable; specified entities are exempt from direct levy.
Persons liable to wealth tax include Individuals, Hindu Undivided Families, Companies and Trusts treated as individuals. Exempt entities include companies registered under section twenty five of the Companies Act, co operative societies, social clubs, political parties, specified mutual funds, and partnership firms or associations of persons; however, an assessee's share in a partnership firm or AOP is included in computing the assessee's net wealth.
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