wealth tax return compulsion - Professionals - Taxation - TIK Share
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wealth tax return compulsion


Kamaldeep Singh

2014-08-07

Hi. Just needed to confirm that As per new efiling issue of wealth tax return is it nw compulsory for every individual or huf even if they have net wealth below 30 lacs but are audited under 44ab to file wealth tax return or only those who are having net wealth above 30 lacs n are audited too are required to do so

CA Pulkit Sharma

2014-08-08

Wealth Tax return is to be filed in electronic form if assessee is audited under section 44AB. No need to file return if tax audit is not compulsory.

E filing is mendatory for all assessee who are audited under section 44AB. Notification number 32/2014 does not say compulsory to be filed. I think if wealth is more than 30 Lakhs, than only form BB to be filed online otherwise no need to file the return.

Notification 32/2014 is about issuing a new form and e-filing but not about compulsory filing.

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SANJAY KUMAR GANNA

2014-08-09

Completly agree with Pulkit, I just wanted to add that even in case of Non audit cases. You have to fill all the coloumns including your Balance sheet items and Exempted Assets.

and Valuation etc. are very much compulsory. NOW you have to file your correct Wealth Tax Return and not on Assumption basis. you have to provide all valid and with proof details.

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Kamaldeep Singh

2014-08-24

Thanks!

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