The Income Tax Department had been amended the Wealth Tax Rules. The Central Board of Direct Taxes has recently framed new rules to amend the existing Wealth Tax Rules, 1957. These rules are known as the Wealth Tax (Amendment) Rules, 2014 which shall come into force on the date of publication in the Official Gazette.
The CBDT has recently issued a notification being no. 32/2014 dated 23.06.2014 in connection with filing of wealth tax return. It has prescribed that wealth tax returns can be filed online with or without digital signature.
For some specific class of assessee which includes individuals or HUFs who are not required to get through tax audit, e-filing is optional. Whereas on the other hand, for the other class of assessees i.e. individuals, companies or HUFs who are required to get their accounts audited, e-filing of wealth tax returns in Form BB under digital signature is mandatory.
The CBDT through the aforesaid notification has prescribed new Wealth Tax Return Form BB in place of the old form BA with effect from the Assessment Year 2014 -15.
The due date to file wealth tax return is same as that of income tax return.
The important changes introduced:
The Income Tax Department has introduced some remarkable changes in connection with the e-filing of wealth tax return. The important changes that have been introduced in this connection are as follows:
1. New wealth tax return form BB which shall be applicable from the assessment year 2014-15 has been introduced.
2. E-filing of wealth tax return is mandatory for the assessment year 2014-15 for assessees except individuals or HUFs to whom tax audit under section 44AB is not applicable. Such kinds of assesee may file wealth tax return on the old paper form.
3. Exemption is provided to individuals or Hindu undivided family only for the assessment year 2014-15.
4. From the AY 2015-16 all assessee are required to e-file their wealth tax return with digital signature.
5. E-filing should be done with digital signature.
6. Nothing is required to be attached with wealth tax return such as statement of computation of tax to be paid, valuation report, evidence of deposit of tax or interest, etc.
Hence it can be concluded that in case of individual or Hindu undivided family to whom section 44AB of the Income tax Act, 1961 does not apply, the return of wealth tax may be filed for assessment year 2014‐15 in the paper form.
The return of net wealth required to be filed in Form BB shall not be followed by a statement showing the calculation of the tax payable or evidence of the tax paid or any report of valuation under any provision of the Act.