CBDT notifies new Wealth Tax Return Form & Rules for Online Filing
Central Board of Direct Taxes has amended Wealth Tax Rules via Notification No. 2/2014 [F.NO.143/1/2014-TPL]/SO 1576(E), DATED 23-6-2014. Following are the summary of what changes are brought by said notification:
1. Every Assessee with income above Rs 1 crore a year require to file their wealth tax returns in electronic form with digital signature.
Wealth Tax Return shall be filed in Form BB from the Assessment Year 2014-15 onwards instead of Form BA. Earlier Form BA was used to file wealth tax return, now from this year onwards Form BA is replaced by Form BB.
2. E-filing is to be done with Digital Signature for the Assessment year 2014-15 and all subsequent years.
3. E-filing of the return is made necessary for all types of assessee for assessment year 2014-15 onwards except the assessee (HUF/Individual) not liable to tax audit under section 44AB may file paper return i.e. assessee having less than Rs one crore gross receipts from business or less than Rs 25 lakh gross receipts from profession in a year) may file the return in paper form.
Please note that this exemption from e-filing return is given only for the assessment year 2014-15. From the next year even assessee covered under Section 44AB shall require to e-file wealth tax return.
4. No Attachment is required to file with the wealth tax return. Only wealth tax return form is to be uploaded. But Any wrong information provided in the self assessment return where the tax evaded is above Rs one lakh, would attract rigorous imprisonment of at least six months, which could go up to seven years with fine. In other cases, rigorous imprisonment may vary from three months to three years with fine
5. Rate remains unchanged @ 1% on the assets exceeding Rs 30 lakh.
6.Due date of filing the wealth tax return is same as of Income Tax return. The procedure of e-filing the wealth tax return shall be notified in due course.
[gview file=”http://www.indiantaxupdates.com/downloads/Form-BB-IndianTaxUpdates.com.pdf” save=”1″]
Full Notification for your perusal
[gview file=”http://www.indiantaxupdates.com/downloads/Notification-IndianTaxUpdates.com.pdf” save=”1″]