Ragarding form bb
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 October 2014
assessee whose net wealth is less than 30 lakh (i.e 29.99 lakh) is file form bb or not .
18 October 2014
In case the taxable Net wealth of the Individual or HUF is above Rs 30 Lacs, such assessee will be required to file Wealth Tax Return in the New Form BB for Asst year 2014-15 and subsequent year. He may file such Return of Wealth Tax physically (or electronically with digital signature at his option).
However, in case, provisions of Section 44AB of the Income Tax Act 1961 is also applicable to such assessee he can not furnish paper return and it will be mandatory for him to file the Wealth Tax Return with digital signature.
In case the Taxable Net Wealth of an assessee is below Rs 30 Lacs (for Asst Yr 2014-15) he or it will not be required to file Wealth Tax Return whether provisions of Section 44AB is applicable to him/it or not.
It may be summerised as under:
(a) Taxable net Wealth exceed Rs.30 Lacs - Liable to file Wealth Tax Return
(i) also provisions of Sec 44AB of IT Act applicable- mandatory to file WT return electronically under digital signature.
(ii) provisions of Sec 44AB IT Act not applicable - may file paper Return or electronic Wealth Tax Return as per his choice.
(b) Taxable net Wealth does not exceed 30 Lacs : Not liable to file WT return
(i) provisions of Sec 44AB of IT Act applicable - not to file WT Return
(ii) provisions of Sec 44AB of IT Act not applicable- not to file WT Return.
Hope, this will clarify the situation beyond doubt.
However, in case, provisions of Section 44AB of the Income Tax Act 1961 is also applicable to such assessee he can not furnish paper return and it will be mandatory for him to file the Wealth Tax Return with digital signature.
In case the Taxable Net Wealth of an assessee is below Rs 30 Lacs (for Asst Yr 2014-15) he or it will not be required to file Wealth Tax Return whether provisions of Section 44AB is applicable to him/it or not.
It may be summerised as under:
(a) Taxable net Wealth exceed Rs.30 Lacs - Liable to file Wealth Tax Return
(i) also provisions of Sec 44AB of IT Act applicable- mandatory to file WT return electronically under digital signature.
(ii) provisions of Sec 44AB IT Act not applicable - may file paper Return or electronic Wealth Tax Return as per his choice.
(b) Taxable net Wealth does not exceed 30 Lacs : Not liable to file WT return
(i) provisions of Sec 44AB of IT Act applicable - not to file WT Return
(ii) provisions of Sec 44AB of IT Act not applicable- not to file WT Return.
Hope, this will clarify the situation beyond doubt.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
