Deposit under "Own Your Telephone" Scheme-Taxability under Wealth-tax Act, 1957-Clarification regarding

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..... lth-tax Act, 1957-Clarification regarding. The Board have examined the question whether the deposit made under "Own Your Telephone" Scheme is an asset within the meaning of section 2(c) of the Wealth-tax Act, 1957, and, as such, includible in the net wealth of an assessee. 2. The payment made under "Own Your Telephone" Scheme is in the nature of advance payment of rent of a telephone connectio .....

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..... r not), it is hereby advised that the deposit under the "Own Your Telephone" Scheme should not be added to the total wealth unless the same has been shown as asset by the assessee himself in his accounts or in the balance-sheet. (Sd.) D. B. Ahuja, Directior, Central Board of Direct Taxes, - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxma .....

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