taxation of s socity in which status
pkpworld..
(Querist) 06 November 2009
This query is : Resolved
A society registered under society registration ACt is required to file a Wealth Tax Return for AY 2009-10.
As pr the Wealth Tax ACt, 1956, there are threee status i.e. individual, HUF and Companty.
In which status the socity will be assessed under Wealth Tax Act?
A V Vishal
(Expert) 06 November 2009
Under the Wealth Tax Act, only individuals, HUF's and companies are taxable entities. The society registered under the Society Registration Act is not an AoP, BoI, individual or HUF for the purpose of wealth tax levy. A society becomes a artificial jurid ical person separate from the members constituting it and, hence, not chargeable to wealth tax.
pkpworld..
(Querist) 06 November 2009
Companty ? why I do not understand? Never.
With regard to answer of Mr.Vishal: I think it will be assessed in Individual status because AOP can be taxed u/s 21AA where the members's share is not define. In that case the AOP will be assessed in Individudal status. Still I am confusing, not confirmed and need further clarification with supporting section of Act.
