About Wealth Tax

To the Expert panelists

Home> Experts > Taxation > valuation of jewellery under wealth tax

In one of the reply in above link, about valuation of Jewelry, Shri Pkpworld has indicated on date 13th Nov'09 that:
"Wealth tax will be charged @ 1% on the net wealth including jewelry in excess of Rs.15 lakhs on the valuation date (31st March of the Previous Year)."
Will any one please let me know about the wealth Tax? What all is considered for valuing wealth? Few like:
(1) Bank account balance.FD etc (2) Jewelry.(3) Stock and Share valuation.(4)Units of Mutual Fund-Valuation.(5) Residential property occupied by the self for living purpose.(6) Any commercial property.(7) Residential Plot.(8) Other residential accommodation –which is not Self occupied
and any thing more which is to be considered for wealth Tax. I do not know how to continue and take part in the old query, so I have asked a fresh query for a guidance.
Bhasker Parikh
Email Id:bhasker.parikh@gmail.com

valuation of jewellary under wealth tax

Can anyone guide me how to make valuation of jewellary for filing wealth tax return and computation of tax liability.

Regards

P.c. Joshi

TAX LIABILITY ON COMPOSITE CONTRACT...HELP PLS

CAN STACKING BALLAST AND SPREADING IT UNDER ONE CONTRACT BE TREATED AS COMPOSITE CONTRACT? IF YES, WHAT ARE THE TAX LIABILITIES?

Goods in Transit section 6(2) of CST

Assessment of tax

Does HUF disrupt post amendment to Hindu Succession Act, 2005 upon death of karta leaving behind his spouse and married daughters for Taxation purpose, the karta being an assessed under the status of HUF .

pan no to a private hospital

is it necesssary to take a pan no for a private clinic if it is registered

TDS F.Y. 2009 -2010

As per the chart attached Education & Higher Education cess is not applicable on payments except salary payments but still many CA say it is applicable. Dear expert please tell me about education cess applicability

I also needed TDS chart & its notes from VG mehta if available with you.

Awaiting your valuable reply
Ami

DELAY IN FILING AN APPEAL ?

HI DEARS

I HAVE FILLED THE APEAL IN VAT (U.P) OF MY CO.BUT IT WAS DELAY BY 1 DAY.TO JT.COMM. VAT U.P.
SAO CAN ANY ONE MY SENOIR GIVE ME ANY SOLUTION & COURT REF. ETC. SO THAT IACAN GIVE HIM A REASON FOR DELAY .PLS .

Showcause notice of central excise

I am a Manufacturer Exporter of S.S.Utensil. All the finished goods which i manufacure is exported to foreign countries. The Raw Material which i purchased i.e.(S.S.Flat, Oil, Acid etc) are Excisable and my Finished product that is S.S. Utensil is Exempted . I opt the scheme of Duty Draw Back scheme of Central Government.I am exporting my product from last three year and given eyery kind of information regarding my work to the department and filing Excise Return Monthley. My all export has been done under the supervision of Excise Department.They never raise any question for any additional duty for the goods i manufacture for export. Now a new supritendent has come and asking the Excise duty to be paid on the intermediate goods by imposing the rle 67/95 of C.E.Rule.He told me that as during the course of manufacturing S.S. Patta -Patti is generated and it has 8% duty were as your final product which is S.S.Utensil is exempted so you will not get the exemption of notification 67/95 and till the stage of patta-patti you have to pay the duty. I told him that as whatever i manufactured is exported so local excise rule is not applicable on me , but he refused my statement and issued a showcause notice, demanding the duty upto the stage of patta-patti used for he goods i manufacture for last one year for the goods exported. I therefore request you to please tell me what to do in such circumstances, and also inform me that shall i have to pay any extra duty for the goods exported out of india.

fabrication and errection of structural things

whether purchase of ready made equipments from some registered dealers, then errect it on specified place with certain other fabrication works becomes works contract or supply contract i.e direct sale.
(please clarify the same for Karnatak VAT Act.)