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wealth tax amended rule 2014

On 23th June, 2014, CBDT announced rules 2014 for wealth tax return. These rules shall be come into the force on the date of publication in official gadgets.

Rule 3 of wealth tax rules , 1957 shall be substituted with rule named form of return of wealth tax.

According to rule,

  1. For wealth tax return for assessment year 2013-14 and earlier year, individual , HUF and company can file return in FORM BA and verified it manner prescribed earlier.
  2. for assessment year 2014-15 and there after, Individual, HUF and company has to file return in FORM BB.(new form) and verified in the manner prescribed .
  3. For assessment year 2014-15 , the return of net wealth under sub rule 1 shall be filed electronically with digital signature.
  4. Still, individual or HUF  to whom section 44AB of the income tax not applicable can file return of income in paper form for assessment year 2014-15.
  5. There is no requirement to attach documents – computation of tax payable, valuation certificate, proof of interest paid, copy of any account with form BB while filling return.
  6. Director general of income tax shall specify the policies , formats , standards for filling wealth tax return and secure transmission of data.

You can download FORM BB from following link

Click here for download

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