Wealth Tax return Form BB e filing utility AY 2014-15 released

CBDT has issued a notification 32/2014 dated 23-06-2014 regarding wealth tax return for assessment year 2014-15 . Under which e filing of wealth tax return made mandatory for all person except Individual and HUF not covered under provision of Section 44AB (tax audit) of Income Tax Act.

Wealth Tax return now can be filed online at Incometaxindiaefiling.gov.in portal through newly released utility in Java for Form BB.

Major changes have been made regarding filing of wealth tax return.

1. New wealth tax return form BB shall be applicable from assessment year 2014-15.

2.      E filing of wealth tax return is mandatory for all type of persons for assessment year 2014-15 onwards except as per sr no 3 below.

3.      Individual / HUF to whom provision of section 44AB (tax audit) is not applicable in assessment year 2014-15 may file wealth tax return on paper form.

4.      Exemption to Individual / HUF is granted (as per sr no -3 above) only for AY 2014-15.so from next year (AY 2015-16) all person are required to e file wealth tax return with digital signature.

5.      E filing is to be done with digital signature.

6.      Nothing is to be attached with wealth tax return like statement of computation of tax payable, valuation report of registered valuer, and proof of tax or interest deposit.

7.      E filing process will be notified in due course.

8.      Due date to file wealth tax return is same as of Income Tax return 

Source: http://www.simpletaxindia.net/2014/07/wealth-tax-return-form-bb-e-filing.html