E Filing of Wealth Tax Return Mandatory Except Individual, HUF not liable to Tax Audit us 44AB

As Per CBDT notification no. 32/2014 dated 23-06-2014 regarding wealth tax return, few major changes has been made regarding filing of wealth tax return. Below are the summary of changes along with notification:.

1. New wealth tax return form BB shall be applicable from assessment year 2014-15.
2. E filing of wealth tax return is mandatory for all type of persons for assessment year 2014-15 onwards except (Individual / HUF to whom provision of section 44AB (tax audit) is not applicable)
3. 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.
4. 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.
5. E filing is to be done with digital signature.
6. 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.
7. E filing process will be notified in due course.
8. Due date to file wealth tax return is same as of Income Tax return.

Notification

S.O.1576 (E) .— In exercise of the powers conferred by clause (ba) and clause (bb) ofsub‐section (2) ofsection 46 read with section 14A and section 14B of the Wealth‐tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes

herebymakesthe following rulesfurtherto amend the Wealth‐tax Rules, 1957, namely:—

1. (1) These rulesmay be called theWealth‐tax (1st Amendment) Rules, 2014.

(2) They shall come into force on the date oftheir publication in theOfficialGazette.

2. In the Wealth‐tax Rules, 1957 (hereinafterreferred to asthe “said rules”),—

(i) forrule 3,the following rule shall be substituted, namely:–

“3.Form ofreturn 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

DOWNLOAD FORM BB