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)
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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?

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.