AUBSP Description

Definition of Deemed Assets under Wealth Tax Act

In computing the Net Wealth of the assessee, the value of certain assets held by other person shall be included.

In computing the Net Wealth of the assessee, the value of certain assets held by other person shall be included. These assets are commonly known as Deemed Assets. As per section 4 of Wealth Tax Act, 1957, the following assets shall be treated as Deemed assets:











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ICSI: All members and students are requested to abstain from posting disparaging remarks on any medium including social networking sites or blogs against the CS Institute, its office bearers/ employees and the profession.


TaxPayers: CENVAT credit is allowable to assessee even if supplier hadn’t discharged its duty [Commissioner of Central Excise, Jalandhar v. Kay Kay Industries (2013)(SC)].


ICSI: The Companies Act, 2013 shall not be applicable to June, 2014 Examinations of the CS Foundation, Executive and Professional Programmes.