Wealth tax

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Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2012 The assessee has wealth as under

A.Y Taxable Wealth
2002-03 Rs. 16 lacs
2003-04 Rs. 17 lacs
2004-05 Rs. 18 Lacs
2005-06 Rs. 19 lacs
2006-07 Rs. 20 lacs
2007-08 Rs. 21 lacs
2008-09 Rs. 22 lacs
2009-10 Rs. 23 lacs
2010-11 Rs. 31 lacs
2011-12 Rs. 32 lacs

From the above years, for how many years wealth tax return assessee will have to file and wat are the consquences?

CS ANAND RAVADA

CS ANAND RAVADA (Expert)

25 July 2012 The assessee has to file his returns within the stipulated time. Eg: For the A.Y. 2012-13, the last date for filing is 31.03.2012. In this case, you can file the above year returns along with interests as applicable for late filing, so that the A.O.can lodge the same and if necessary, they can open assessments for scrutiny.

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Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2012 A.y.2002-03 and upto A.Y. 2005-06 are time barring assessment. So is it necessary to file Wealth Tax Return for these years?

CS ANAND RAVADA

CS ANAND RAVADA (Expert)

26 July 2012 you have to file and the AO has no power to reopen the same and the same may be lodged by the AO concerned.

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