The Central Board of Direct Taxes (CBDT) has notified a new Wealth-tax Return Form-BB for filing the Wealth-tax returns in respect of Individuals,HUFs and Companies.
The Salient features of this notification are :-
1) This return of Net-wealth in Form BB shall b applicable for the A.Y.2014-15 and other subsequent years, in case of Individuals, HUF, and Companies
2) This return needs to be filed electronically in case the books of accounts of the assessee are required to be audited u/s. 44AB of the Income-tax Act.
3) This return 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.
The relevant notification is reproduced below :-
Source :- www.incometaxindia.gov.in
[gview file=”http://bssridhar.com/blog/wp-content/uploads/2014/06/Wealth_tax_Final-Vetted-Notification.-I-24-06-2014.pdf”]
Sir,
Thank you for the information. I need one more clarification. As per the notification, it infers that all assesses are required to file Wealth tax return whether they are liable to WT or not.
For instance, a salaried employee paying income tax of Rs. 12,000/- and having net wealth of 25.00 lacs, has to submit WT return in manual form.
This is an additional burden to the common man who is not aware of the statutory obligations.
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