Wealth Tax - Electronic Return made mandatory
CBDT has amended the Wealth Tax Rules to, among other things, prescribe a new Return Form BB in respect of the assessment year 2014-15 and any other subsequent assessment year.
This return is to be furnished electronically under digital signature. However certain persons are exempted from filing electronic return for the Assessment Year 2014-15.
Individual or HUF to whom the provisions of section 44AB of the Income - tax Act are not applicable, the return of net wealth may be furnished for assessment year 2014 - 15 in a paper form.
As per Section 44AB, every person carrying on business having gross receipts of more than one crore rupees and every person carrying on profession having gross receipts of more than Rs. 25 lakhs are required to get his accounts audited by a chartered accountant.
So, businessmen with turnover less than a crore of rupees and professionals with less than Rs. 25 lakhs receipts need not file the electronic return for this year and can file a paper return.
The Electronic Return 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.
CBDT Notification No. 32/2014, Dated: June 23, 2014