Info on Mandatory E-Filing of Wealth Tax Return

Vide Notification No. 32/2014 dated 23-06-2014, CBDT has made mandatory filing of Wealth Tax
Return only by electronic means for certain persons inc!din" Compan# and an assessee $ein"
indi%id!a or &'( )ho is ia$e to a!dit !/s 44*B.
(rom *ssessment +ear 2014-201, on)ards, Compan# and an assessee $ein" indi%id!a or &'( )ho is
ia$e to a!dit !/s 44*B are re-!ired to f!rnish (orm BB ./et!rn of Net 0eath1 eectronica# !nder di"ita
si"nat!re. 2ome of the important points are3
1. Ne) )eath ta4 ret!rn form BB .5-(iin"1 sha $e appica$e from assessment #ear 2014-1, for
+ears 6rior to this (orm B* )i contin!e to remain appica$e.
2. 5 fiin" of )eath ta4 ret!rn is mandator# for a t#pe of persons for assessment #ear 2014-1,
on)ards e4cept for 7ndi%id!a / &'( to )hom pro%ision of section 44*B .ta4 a!dit1 is not appica$e in
assessment #ear 2014-1,.
3. 7ndi%id!a / &'( to )hom pro%ision of section 44*B .ta4 a!dit1 is not appica$e in assessment
#ear 2014-1, ma# fie )eath ta4 ret!rn on paper form.
4. 54emption to 7ndi%id!a / &'( from e-fiin" of form BB is "ranted on# for *+ 2014-1,.so from ne4t
#ear .*+ 201,-161 a person are re-!ired to e fie )eath ta4 ret!rn )ith di"ita si"nat!re.
,. (orm BB sha not $e accompanied $# an# doc!ment i.e.- statement of comp!tation of ta4
pa#a$e, %a!ation report of re"istered %a!er, proof of ta4 or interest deposit.
FAQ on Wealth Tax
Q. What is Wealth tax and on hom and hen it is a!!licable"
*. 0eath Ta4 is appica$e on 7ndi%id!a, &'( and a compan# if the net )eath of s!ch person e4ceeds
/s. 30 8a9h. 0eath ta4 is char"ed : 1; on net )eath e4ceedin" /s. 30 8a9h.
Q. What is the meaning of net ealth"
*. Net )eath means assets min!s de$t inc!rred for s!ch asset.
Q. What is the meaning of asset as !er Wealth Tax Act"
*. *sset inc!des3
o <otor Cars .=ther than !sed $# the assessee in the $!siness of r!nnin" them on hire or !sed $#
the assessee as stoc9 in trade1
o +achts, $oats and aircrafts .other than !sed $# the assessee for commercia p!rposes1
o >e)eer#, $!ion, f!rnit!re, !tensis or an# other artice made )ho# or part# of "od, si%er,
patin!m or an# other precio!s meta. .other than !sed $# the assessee as stoc9 in trade1
o *n# $!idin" or and .)ith some e4ceptions i9e13
o =ne residentia home is e4empt from 0eath Ta4 or !r$an and meas!rin" ,00 s-m or ess.
o *n# residentia propert# )hich has $een et o!t for a minim!m period of 300 da#s in the pre%io!s #ear
o *n# ho!se occ!pied $# the assessee for the p!rpose of an# $!siness or profession carried on $# him
o Commercia esta$ishments or compe4es
o Cash in e4cess of /s. ,0000 in case of indi%id!a or &'(
o Deemed *ssets i.e assets transferred )itho!t consideration to fami# etc.
o *ssets of minor chid $arrin" some e4ception
o Va!e of assets in partnership firm to $e c!$$ed )ith the assets of partner
Q. What is the last date of filing return"
*. 8ast date to fie the ret!rn is3
o 31
st
>!# for 7ndi%id!as or &'(
o 30
th
2ep for Compan# and indi%id!a or &'( )hose acco!nts are re-!ired to $e a!dited !/s 44*B
Q. hat can ha!!en if I do not !ay the tax or file the return"
*. 6enaties3
o Beated or re%ised ret!rn can $e fied )ithin one #ear from the end of assessment #ear after
pa#in" 1; per month of ta4 as penat# for dea#.
o 6enat# !pto 100; of ta4 in case of non-pa#ment of )eath ta4
o 6enat# !pto ,00; of ta4 in case of conceament of )eath ta4
o 7n case of )if! defa!t, imprisonment !pto ? #ears can $e imposed