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Wealth Tax Return

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(Querist)
23 November 2007 Hi dear,

If we have neither submitted wealth tax return nor deposited self assessment tax till date for AY 2007-08. Plz. advise whether we can submit return till 31st march 08 with interest or without interest.
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CA. Vineet Grover

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CA. Vineet Grover (Expert)
23 November 2007 Wealth tax is applicable for individual, HUF and Companies. The date of filing of return of wealth tax is the date for filing of income tax return as applicable for such assessees as menitoned above.

Late filing of Wealth tax return shall attract simple interest @1% of every month (or part of the month) from the due date of furnishing return or if return is filed till the completion of assessment.

There is no penal provision for late filing of Wealth Tax return
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R.V.RAO

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R.V.RAO (Expert)
23 November 2007 IF THE RETURN IS NOT YET SUBMITTED, YOU CAN STILL SUBMIT WITH INTEREST (TILL THE DATE OF FILING )ON OR BEFORE 31 ST MAR 08 .
EVEN IF YOU DONT PAY NOW INT. APPLICABLE WILL BE COLLECTED AT THE TIME OF ASSESSMENT
R.V.RAO
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