Whether New Wealth Tax Return i.e Form BB is to be filed up by all assess who are liable to tax audit irrespective of their Net Wealth. (i.e Even if Net Wealth does not exceed Rs 30 lakhs)
Vivek Jain (CS) (205 Points)
12 July 2014Whether New Wealth Tax Return i.e Form BB is to be filed up by all assess who are liable to tax audit irrespective of their Net Wealth. (i.e Even if Net Wealth does not exceed Rs 30 lakhs)
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 12 July 2014
the notification in this regard does not clearly specify that Form BB to be filled by all assessees liable for tax audit. but the plain reading of notification on incometaxindiaefiling.gov.in says that it is to be filled by all assessees subject to tax audit...
the notification on website is reporduced below:
"A company and an assessee being an individual or HUF who is liable to tax audit u/s 44AB are required to furnish Form BB (Return of Wealth) electronically under digital signature for assessment year 2014-15 onwards"
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