Wealth tax eligibility

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viren (Querist)
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13 January 2015 who is liable for wealth tax e filing ?
a person who has liable for compalsory audit but his net wealth is bellow wealth tax limit, then wealth tax return is compalsory or not?

is there any notification for this from CBDT or income tax department ?

Mohit Singla

Mohit Singla (Expert)
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13 January 2015 The person whose wealth as on the valuation date, i.e. 31.03.2015 for A.Y. 2015-16, if exceeds the limit i.e. 30 lakh. He is liable to wealth tax compliances.

It cover all the person,
not only who require audit under IT act

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Rupesh Jain

Rupesh Jain (Expert)
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13 January 2015 if hi wealth is over rs. 30 lacs then he have to file wealth tax retrun and pay the tax. otherwise not required.

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viren

viren (Querist)
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13 January 2015 it is ok, but what happen when person is liable for tax audit and net wealth is less then 30 lack, he has to e-file wealth tax return or not?

Mohit Singla

Mohit Singla (Expert)
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15 January 2015 No requirement of filling return.
Only required in case of crossing of limits.

viren

viren (Querist)
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17 January 2015 is there any notification or circular from CBDT or income tax department

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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03 August 2025 Regarding your query about **Wealth Tax filing eligibility and requirements**, here’s a clear summary:

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### Who is liable to file Wealth Tax Return?

* **Only those persons whose net wealth exceeds the exemption limit** on the valuation date (usually 31st March of the relevant financial year).
* For AY 2015-16, the exemption limit was **Rs. 30 lakhs**.
* If **net wealth > Rs. 30 lakhs**, wealth tax return filing and tax payment is mandatory.
* Persons liable for **tax audit under Income Tax Act but whose net wealth is below Rs. 30 lakhs do NOT need to file wealth tax returns**.

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### Is there any official notification or circular?

* There is **no specific CBDT notification** mandating filing of wealth tax return if net wealth is below exemption limit.
* The **Wealth Tax Act, 1957**, Section 16 and related rules govern the filing requirement strictly based on net wealth crossing the threshold.
* Thus, the rule is **simple and clear**: filing is compulsory only if net wealth exceeds the exemption limit.

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### Summary:

| Condition | Wealth Tax Return Filing Required? |
| ---------------------------------- | ------------------------------------ |
| Net wealth exceeds exemption limit | Yes |
| Net wealth below exemption limit | No |
| Liable for Income Tax Audit only | No (unless net wealth exceeds limit) |

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If you want, I can help locate official references or previous circulars that reinforce this. Would you like that?

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