Saturday, July 5, 2014

Income Tax :- Mandatory e-filing of WEALTH TAX return in Form BB

Friends.     Income Tax Department has issued a Notification Dated 23.06.2014 regarding submission of Wealth Tax return for a company and an assessee being  Individual or  HUF or Company who is liable to audit u/s 44AB are required to furnish Form BB (Return of Net Wealth) electronicllay under digital signature for Assessment Year 2014-15 and onwards.  Detailed notification is given below :-

New Delhi, the 23rd June, 2014 
S.O.1576 (E) .— In exercise of the powers conferred by clause (ba) and clause (bb) of sub‐section (2) of section 46 
read with section 14A and section 14B of the Wealth‐tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes 
hereby makes the following rules further to amend the Wealth‐tax Rules, 1957, namely:— 
1.  (1) These rules may be called the Wealth‐tax (1st  Amendment) Rules, 2014. 
(2) They shall come into force on the date of their publication in the Official Gazette. 
 2.  In the Wealth‐tax Rules, 1957 (hereinafter referred to as the “said rules”),— 
(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 
(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 
(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. 

Download complete Notification (Click Here)
Download Java Based Form BB (Return of Net Wealth) (Click Here)

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