Disallowability of wealth-tax liability as a deduction for computing net wealth under the Wealth-tax Act, 1957, consequent to amendment of section 2(m) with effect from April 1, 1993

Disallowability of wealth-tax liability as a deduction for computing net wealth under the Wealth-tax Act, 1957, consequent to amendment of section 2(m) with effect from April 1, 1993 https://www.taxtmi.com/circulars?id=5079 The Board clarifies that wealth-tax liability is a personal statutory liability, not a debt incurred in relation to assets liable to wealth-tax; therefore, following the amendment to the definition of debts allowable for computing net wealth effective from assessment year 1993-94, wealth-tax liability is not deductible in computing the taxable net wealth of the assessee. en-us Tue, 28 Sep 1993 00:00:00 +0530 Sat, 09 Aug 2008 12:42:00 +0530 TaxTMI RSS Generator Disallowability of wealth-tax liability as a deduction for computing net wealth under the Wealth-tax Act, 1957, consequent to amendment of section 2(m) with effect from April 1, 1993 https://www.taxtmi.com/circulars?id=5079 The Board clarifies that wealth-tax liability is a personal statutory liability, not a debt incurred in relation to assets liable to wealth-tax; therefore, following the amendment to the definition of debts allowable for computing net wealth effective from assessment year 1993-94, wealth-tax liability is not deductible in computing the taxable net wealth of the assessee. Circulars Income Tax Tue, 28 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/circulars?id=5079