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?
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.
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
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
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 December 2014
Assessee has net wealth exceeding 30lacs. is it compulsory to file online?
04 December 2014
if tax audit under income tax act was done then yes.
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