Income Tax Department has amended Wealth Tax Rule with Return Form i.e. "Form-BB" for Wealth Tax Return vide notification Dated 23rd June, 2014, which is mandatory to file except Individual and HUF those who are not liable for Tax Audit. Income Tax Department has been made some major changes regarding e-filing of wealth tax return as under.
- Latest wealth tax return "Form-BB" (Amended & Notified) shall be applicable from Asstt. Year 2014-15.
- e-filing of wealth tax return is mandatory for all type of persons for assessment year 2014-15 onwards except Individual and HUF not liable for Tax Audit.
- Individual / HUF to whom provision of section 44AB (tax audit) is not applicable in assessment year 2014-15 may file wealth tax return on paper form.
- Exemption to Individual / HUF is granted (as per sr no -3 above) only for AY 2014-15.so from next year (AY 2015-16) all person are required to e file wealth tax return with digital signature.
- e-filing is to be done with digital signature.
- Nothing is to be attached with wealth tax return like statement of computation of tax payable, valuation report of registered valuer, proof of tax or interest deposit.
- e-filing process will be notified in due course.
- Due date to file wealth tax return is same as of Income Tax return
Wealth tax 1st Amendment Rules, 2014
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
WEALTH-TAX
New Delhi, the 23rd June, 2014
S.O.1576 (E) .. In exercise of the powers conferred by clause (ba) and clause (bb) of sub]section (2) of section 46 read with section 14A and section 14B of the Wealth-tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following rules further to amend the Wealth]tax Rules, 1957, namely:.
1. (1) These rules may be called the Wealth]tax (1st Amendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Wealth]tax Rules, 1957 (hereinafter referred to as the gsaid rulesh),.
(i) for rule 3, the following rule shall be substituted, namely:.
3.Form of return of net wealth. .
(1) The return of net wealth referred to in section 14 shall.
(a) in respect of assessment year 2013]14 and earlier assessment years in the case of individuals, Hindu undivided families and companies, be in Form BA and shall be verified in the manner specified therein.
(b) in respect of the assessment year 2014]15 and any other subsequent assessment year in the case of individuals, Hindu undivided families and companies be in Form BB and shall be verified in the manner specified therein.
(2) Subject to the provisions of sub]rule (3), for the assessment year 2014]15 and any other subsequent assessment year, the return of net wealth referred to in sub]rule (1) shall be furnished electronically under digital signature.
(3) In case of individual or Hindu undivided family to whom the provisions of section 44AB of the Income-tax Act, 1961(43 of 1961) are not applicable, the return of net wealth referred to in sub]rule (1) may be furnished for assessment year 2014]15 in a paper form.
(4) The return of net wealth required to be furnished in Form BB shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax and interest paid, or any document or copy of any account or form of report of valuation by registered valuer required to be attached with the return of net wealth under any provisions of the Act.
(5) The Director General of Income]tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the returns in the manners specified in sub-rule (2).
3. In the said rules, in Appendix, after Form BA, the following Form shall be inserted; namely :
Updated Forms
|
Descriptions
|
Utility
|
FORM -BB
|
RETURN OF NET
WEALTH
[See rule 3(1)(b) of Wealth tax Rules, 1957]
|
Note:‐ 1. OPR : All properties other than (i) assets referred to in section 2(ea) and liable for wealth tax; (ii) assets claimed as exempt under section 5; (iii) assets excluded under section 6; or (iv) assets being part of business or profession which is subject to audit under section 44AB of the Income‐tax Act, 1961(43 of 1961).”
[Notification No.32/2014, F.No.143/1/2014‐TPL]
(J. Saravanan)
Under Secretary, TPL
Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub‐section (ii) vide Notification number S.O. 3384(E), dated the 18th October, 1957 and last amended by Wealth‐tax (Second Amendment) Rules, vide Notification S.O. Number 470 (E) dated the 13th February 2009. .
