Wealth tax

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Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2013 Can I file wealth tax returns voluntarily for the assessment years 2005-06 to 2013-14?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

25 June 2013 In wealth tax also like Income-Tax , you can voluntarily file returns of 2 years. AY 2012-13 and 2013-14.
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Have a look at the definition of the term of Valuation Date-

"valuation date", in relation to any year for which an assessment is to be made under this Act, means the last day of the previous year as defined in [section 3] of the Income-tax Act, if an assessment were to be made under that Act for that year :

(b) in the case of a person who is not an assessee within the meaning of the Income-tax Act, the valuation date for the purposes of this Act shall be the 31st day of March immediately preceding the assessment year
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Querist : Anonymous

Querist : Anonymous (Querist)

27 June 2013 Thanks Sir? one more question. How can I file Wealth tax returns for six years? If I file two years W.Tax returns, Can Department reopen preceding four years?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

27 June 2013 Yes, on the basis of the information available with the department, notice can be issued to file the returns of earlier AYs also.

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