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Wealth tax return for companies

Nishma (Student CA Final ) (32 Points)

22 September 2014

Dear All,

We all know that from A.Y 2014-15 onwards, e-filing of wealth tax returns of companies liable to get audited u/s 44AB is mandatory. Now my question is, whether filing of wealth tax returns is also mandatory for companies which does not fall under tax audit and net wealth does not exceed 30 lakhs. If yes, is it e-filing or manual?

Thank you.

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2 Replies

Saurabh Anokhchand Jain (Chartered Accountant) (1043 Points)
Replied 22 September 2014

E filing of wealth tax return is mandatory for all type of persons for assessment year 2014-15 onwards except for Individual / HUF to whom provision of section 44AB (tax audit) is not applicable in assessment year 2014-15. 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. Exemption to Individual / HUF from e-filing of form BB is granted 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

Ajit Bhati (Chartered Accountant) (214 Points)
Replied 24 September 2014

If Earlier you had filed the Wealth tax Return , then it is advisable to e-file the Reurn for this AY aslo,even though it is not exceeded the basic limit.