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,
- 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.
- 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 .
- For assessment year 2014-15 , the return of net wealth under sub rule 1 shall be filed electronically with digital signature.
- 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.
- 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.
- 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