Wealth tax

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31 December 2013 In the AY 2013-14, for how many preceeding Assessment Year's Weath Tax return can be filed? What would be the intrest &/or penalty(if any)?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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31 December 2013 A. Y. 2012 - 13 & A. Y. 2013 - 14.

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Querist : Anonymous

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31 December 2013 What are the Sections related to this provision?

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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31 December 2013
Chapter IV

Assessment

14. Return of Wealth.

(1) Every person, if his net wealth or the net wealth of any other person in respect of which he is assessable under this Act on the valuation date exceeded the maximum amount which is not chargeable to wealth-tax, shall, on or before the due date, furnish a return of his net wealth or the net wealth of such other person as on that valuation date in the prescribed form and verified in the prescribed manner setting forth particulars of such net wealth and such other particulars as may be prescribed.

Explanation .—In this sub-section, “due date” in relation to an assessee under this Act shall be the same date as that applicable to an assessee under the Income-tax Act under the Explanation to sub-section (1) of section 139 of the Income-tax Act.

(2) Notwithstanding anything contained in any other provision of this Act, a return of net wealth which shows the net wealth below the maximum amount which is not chargeable to tax shall be deemed never to have been furnished:

Provided that this sub-section shall not apply to a return furnished in response to a notice under section 17.

15. Return after due date and amendment of return.

15. Return after due date and amendment of return. —If any person has not furnished a return within the time allowed under sub-section (1) of section 14 or under a notice issued under clause (i) of sub-section (4) of section 16, or having furnished a return discovers any omission or wrong statement therein, he may furnish a return or a revised return, as the case may be, at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier:

Provided that—

(a) where such return or revised return relates to the assessment year commencing on the 1st day of April, 1987, or any earlier assessment year, it may be furnished at any time upto and inclusive of the 31st day of March, 1990, or before the completion of the assessement, whichever is earlier;

(b) where such return or revised return relates to the assessment year commencing on the 1st day of April, 1988, it may be furnished at any time upto and inclusive of the 31st day of March, 1991, or before the completion of the assessment, whichever is earlier.