When to pay wealth tax ?

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This query is : Resolved

anckoora (Querist)

24 January 2015 RESPECTED ALL,

I WOULD BE OBLIGED IF YOU GIVE ME YOUR VALUABLE OPINION ON FOLLOWING :-

SUPPOSE, I HAVE FILED A WEALTH TAX RETURN SHOWING WEALTH OF 50 LACS AND PAID WEALTH TAX ON 20 LACS AT 1%.

NOW, NEXT YOEAR THERE IS NO CHANGE IN MY WEALTH ( NO INCREASE OR DECREASE ). IT IS SAME AT 50 LACS.

THEN IN THIS CASE, NEXT YEAR ALSO WILL I HAVE FILLE RETURN SHOWING WEALTH OF 50 LACS AND AGAIN PAY WEALTH TAX ON 20 LACS AT 1% ?

THANKS IN ADVANCE
ANKURBHAI
09510221768

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

24 January 2015 In case the taxable Net wealth of the Individual is above Rs 30 Lacs, such assessee will be required to file Wealth Tax Return in the New Form BB for Asst year 2014-15 and subsequent year.

As long as your taxable net wealth is more than Rs 30 Lacs you will have to pay 1% tax on wealth in excess of Rs 30 Lacs and file return in form BB.

Further, in case, provisions of Section 44AB of the Income Tax Act 1961 is also applicable to such assessee he can not furnish paper return and it will be mandatory for him to file the Wealth Tax Return with digital signature.

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