Dear All,
Notification issued by the CBDT by excercising poere conferred in section 46 (2) (ba) &(bb) amended the rule 3 of Wealth Tax Rules 1957 as under:
(i) for rule 3, the following rule shall be substituted, namely:–
“3.Form of return of net wealth. — (1) The return of net wealth referred to in section 14 shall—
(a) in respect of assessment year 2013‐14 and earlier assessment years in the case of individuals, Hindu undivided families and companies, be in Form BA and shall be verified in the manner specified therein.
(b) in respect of the assessment year 2014‐15 and any other subsequent assessment year in the case of individuals, Hindu undivided families and companies be in Form BB and shall be verified in the manner specified therein.
(2) Subject to the provisions of sub‐rule (3), for the assessment year 2014‐15 and any other subsequent
assessment year, the return of net wealth referred to in sub‐rule (1) shall be furnished electronically under digital
signature.
(3) In case of individual or Hindu undivided family to whom the provisions of section 44AB of the Income‐tax
Act, 1961(43 of 1961) are not applicable, the return of net wealth referred to in sub‐rule (1) may be furnished for
assessment year 2014‐15 in a paper form.
(4) The return of net wealth required to be furnished in Form BB shall not be accompanied by a statement
showing the computation of the tax payable on the basis of the return, or proof of the tax and interest paid, or any document or copy of any account or form of report of valuation by registered valuer required to be attached with the return of net wealth under any provisions of the Act.
(5) The Director General of Income‐tax (Systems) shall specify the procedures, formats and standards for
ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing
appropriate security, archival and retrieval policies in relation to furnishing the returns in the manners specified in
sub‐rule (2).”
Some of my Freinds are in delima whether the filing of E-Retun in prescribed format BA & BB is mandatroy for the assessee not covered under section 44 AB of Income Tax Act, 1961. In my opinion the five points given in notification enumerates as under:
Point No. (1) (a) Form BA and its verification for applicable for the A.Y. 2013-14 and earlier assessment years.
Point No. (1) (b) Form BB and its verification for applicable for the A.Y. 2014-15 and subsequent assessment years.
"Net Wealth as refered in section 14 of Wealth Tax Act, 1957.
Point No. (2) Return will be filed electronically with DSC.
Ponit No. (3) Individual and HUF on whom section 44AB is not applicable may file paper return.
Point No. (4) No attachment is required with return.
Point No. (5) DGIT (System) will ensure proper implementation of formats & prcedures for secured tranmission of data/return.
Section 14:Return of Wealth. 137 [
(2) Notwithstanding anything contained in any other provision of this 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: Provided that this sub-section shall not apply to a return furnished in response to a notice under section 17.] 138 [***]
- According to section 14 refered hereinabove provides that every person whom net wealth exceeds maximum amount (Rs. 30 Lacs) which is not chargeable to tax required to file return before due date.
- Due date is the same as given in section 139(1) of Income tax Act, 1961.
Hence as per above discussion the return filing is mandatroy for those assessses whoose net wealth exceeds maximum amount chargeable to tax i.e. Rs. 30 lacs.
No return filing is mandatroy even the assessee covered under section 44 AB of Income Tax Act, 1961.
(Rule shall notify the formats of the return/documents/forms, not its applicabilty on the assessee, it will always sttaed in the related Act.)
CA. Anoop Tiwari
CAclubindia
