44ab cases - wealth tax return
This query is : Resolved
29 August 2014
Dear Sir,
Is it mandatory to file Wealth Tax Return for all 44AB Cases or only for those whose wealth is 30 lacs or above please clarify in detail i am confused
Thanks in Advance Sir
Is it mandatory to file Wealth Tax Return for all 44AB Cases or only for those whose wealth is 30 lacs or above please clarify in detail i am confused
Thanks in Advance Sir
29 August 2014
Wealth Tax Return need to file by all 44AB cases irrespective of whether their wealth is is 30 Lacs or not.
29 August 2014
In case the taxable Net wealth of the Individual or HUF is above Rs 30 Lacs, such assessee will be required to file Wealth Tax Return in the New Form BB for Asst year 2014-15 and subsequent year. He may file such Return of Wealth Tax physically (or electronically with digital signature at his option).However, in case, provisions of Section 44AB of the Income Tax Act 1961 isalsoapplicable to such assessee he can not furnish paper return and it will be mandatory for him to file the Wealth Tax Return with digital signature.In case the Taxable Net Wealth of an assessee is below Rs 30 Lacs (for Asst Yr 2014-15) he or it will not be required to file Wealth Tax Return whether provisions of Section 44AB is applicable to him/it or not.
It may be summerised as under:(a) Taxable net Wealth exceed Rs.30 Lacs - Liable to file Wealth Tax Return (i) also provisions of Sec 44AB of IT Act applicable- mandatory to file WT return electronically under digital signature. (ii) provisions of Sec 44AB IT Act not applicable - may file paper Return or electronic Wealth Tax Return as per his choice.(b) Taxable net Wealth does not exceed 30 Lacs : Not liable to file WT return (i) provisions of Sec 44AB of IT Act applicable - not to file WT Return (ii) provision of Sec 44AB of IT Act not applicable- not to file WT Return.Hope, this will clarify the situation beyond doubt.
It may be summerised as under:(a) Taxable net Wealth exceed Rs.30 Lacs - Liable to file Wealth Tax Return (i) also provisions of Sec 44AB of IT Act applicable- mandatory to file WT return electronically under digital signature. (ii) provisions of Sec 44AB IT Act not applicable - may file paper Return or electronic Wealth Tax Return as per his choice.(b) Taxable net Wealth does not exceed 30 Lacs : Not liable to file WT return (i) provisions of Sec 44AB of IT Act applicable - not to file WT Return (ii) provision of Sec 44AB of IT Act not applicable- not to file WT Return.Hope, this will clarify the situation beyond doubt.
Message likes :
2 times
30 August 2014
Thanks Sanjay Sir for your detail explanation
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
