Wednesday, June 25, 2014

CBDT notifies new Wealth-tax return form– Mandates e-filing except for those individuals or HUFs who not liable to tax audit

Earlier return of wealth-tax was required to be filed by individuals, HUFs and Companies in paper format alongwith certain documents(in specific cases) in Form BA. The CBDT has now notified new Form BB for filing of wealth-tax returns. The new provisions for filing of Wealth-tax return shall be as under:

a)E-filing of wealth tax returns: Taxpayers shall file return of wealth-tax electronically in new Form BB from Assessment Year 2014-15. However, individuals or HUFs can still file return in paper format if they are not liable for tax audit under Section 44AB of Income-tax Act, 1961.

b)Paperless return – Requirement as to furnishing of following documents alongwith return of wealth-tax has been dispensed with:

• Statement showing computation of tax payable;
• Proof of tax and interest paid;
• Any document or copy of any account, and
• Form of report of valuation by Registered Valuer.