No Tax Due Letter Format in Word

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No Tax Due Letter Format in Word 

 

Wealth Tax return of Shri. A.P. Jain for the A/Y 2014-15 is not being filed  based on the following reasons, as discussed and approved by Shri. J K Singh

 

1.     Cash in hand as per B/S 2024 is Rs. 15750521/-

2.     Cash in hand is an asset under Wealth Tax Act U/s 2(ea)(vi)

3.     Net Wealth U/s 2m is Total Asset chargeable to Wealth Tax less Debt owed in relation to the asset.

4.     Cash in hand is against loan, hence, Net Taxable Wealth is Nil

5.     Electronic Filing of Wealth tax return made compulsory – Paper return not accepted

6.     In the electronic return Form BB after entry of cash in hand figure the ‘cell’ for input of debt owed – is getting locked and not accepting any figure as deduction.

7.     Thus as per Form BB the entire cash in hand less exemption of Rs. 50000/- is treated as Net Taxable Wealth and accordingly Wealth Tax liability is being shown.

 

Since, cash in hand is against loan taken by Shri. A.P. Jain, Net Wealth comes to NIL and as a result there is no wealth tax liability, it was decided that the Weatlh Tax return for A/Y 2024-25, should not be filed.

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