Wealth tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 December 2014 Is it necessary to file wealth tax return online from ay 2014-15 even if assessee is not liable to tax audit?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 December 2014 if the assessee have a net assests as calculated as per wealth tax act 1957 and the rules made therein exceeds rs 30 lakhs then only needs to pay and file wealth tax return.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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04 December 2014 As per section 14(2) of Wealth Tax Act, 1957 Bar has imposed for filling of return of Wealth if assessee do not have wealth exceeding 30 lacs as on specified date. Except the notice has been issued by assessing officer under section 16(4) best judgement or 17(1) escaped wealth

Note: Specified date means last day of the financial year for example for financial year 2014-15 specified date will be 31st March, 2015

Conclusion: If Asseessee do not have wealth exceeding 30 lacs as on specified date not require to file wealth tax return

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Querist : Anonymous

Querist : Anonymous (Querist)

04 December 2014 Assessee has net wealth exceeding 30lacs. is it compulsory to file online?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 December 2014 if tax audit under income tax act was done then yes.