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Wealth Tax

Deepa (CA and CS Final B.Com University First) (195 Points)

29 May 2011

please help me on this issue

Should an assessee file a nil return in Wealth Tax even if his net wealth does not cross30 lacs, if he was subject to WT previous asst yrs?

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10 Replies

Arvind Sharma (ACA) (1432 Points)
Replied 29 May 2011

No...

In case of wealth not exceeding minimum chargeble wealth, there is no need to file ROW.... If filed.. it will assume that no ROW is filed...

1 Like

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 29 May 2011

Fully agree with wat Arvind says.

1 Like

cataruman (DELHI) (58 Points)
Replied 29 May 2011

Sec 14(1) of wealth taxact,1957

file wealth tax return if wealth exceeded Rs.30,00,000 (i.e, maximum amount not chargeable to wealth tax)

Sec 14(2) of wealth taxact,1957

notwithstanding anything contained in any other provision of the wealth tax act, a return of net wealth which shows the net wealth below the maximum amount which is not chargeable to tax shall be deemed never to have been furnished.

CONCLUSION: NO RETURN IS TO BE FILED WHEN WEALTH TAX PAYABLE IS NIL.

this provision is different from income tax act

2 Like

CA Hemang Shah (PRACTICE) (658 Points)
Replied 29 May 2011

Yes deepa agree with above statement. No need to file return if one doesnt have wealth exceed rs. 30 lakhs.

2 Like

RAHUL CA-FINAL CS-FINAL M.com (student) (66 Points)
Replied 30 May 2011

No...

In case of wealth not exceeding minimum chargeble wealth, there is no need to file ROW.... If filed.. it will assume that no ROW is filed...

1 Like

Ravindra kumar (student) (87 Points)
Replied 30 May 2011

This is provision in wealth tax act 1957 U/S 14(1) no exceed of Rs. 30,00,000/- no returne to be filled.

Maneesh Kumar (B.Com M.Com STUDENT CWA IPCC) (507 Points)
Replied 30 May 2011

No need to fill.

Maneesh Kumar (B.Com M.Com STUDENT CWA IPCC) (507 Points)
Replied 30 May 2011

No need to fill.

ca rajesh sharma (chartered accountant & taking coaching class) (40 Points)
Replied 31 May 2011

it is irrelevant that you cross basic limit last year. for chargability current year cross basic limit is check as u say u not cross hence u need not requered to file wealth tax return. even after u file it is treated as not file wealth tax return as per provision of weath tax. good day