wealth tax return

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Querist : Anonymous (Querist)

17 June 2011 is it necessary to file income tax return before filling wealth tax return??

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 June 2011 It is possible that a wealthy person may have no taxable income.
Suppose A receives 15 Kgs of Gold from his father in inheritance, but does not have taxable income.
He may not file income tax return but as his taxable net wealth as on the valuation date increases the threshold limit of Rs 30.00 lac., he is required to file his wealth tax return.
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As the criteria of filing IT and WT returns are Independent and sometimes not correlated, filing of return is also not so.
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One can file the return which is applicable to him and may not file the other return.

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