CBDT releases Form BB (Return of Net Wealth) for AY 2014-15

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.

Download Link for New Form BB(Return of net wealth)