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...
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graph)
(85935 Points)
Replied 29 May 2011
Fully agree with wat Arvind says.
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
CA Hemang Shah
(PRACTICE)
(658 Points)
Replied 29 May 2011
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...
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.
ca rajesh sharma
(chartered accountant & taking coaching c)
(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
RamanGrover
(Accounts Manager)
(30 Points)
Replied 27 July 2011
how to deal with the individual who run business as sole proprietor. is his assest in the business come to the scope of wealth tax please explain
CAclubindia
