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Submission of wealth tax return

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(Querist)
06 July 2014 Whether submission of wealth tax return is compulsory or not for AY 14-15 for Individual assessee, assessed u/s 44AB of IT act 1961, whose net wealth is below Rs. 30,00,000/-
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CA Yugal Purohit

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CA Yugal Purohit (Expert)
06 July 2014 No it is not mandatoy, as per wealth tax if assesse is taxable than only he must submit retrn but now it gone onln and nothing else. By making rule to submit retrn online ,it never means that u have to file retrn even it is not taxable.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
06 July 2014 In my view if Net Wealth is below exemption limit then Wealth Tax Return is not required to be filed.

In latest amendments nowhere it is mentioned that even if Net Taxable wealth is below exemption limit return has to be filed.

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