10 September 2014
Mr. X total sales during last financial year 2013-14 is 95 lac and he has shown his profits less than 8% so Tax Audit is mandatory in this case as per section 44AD.
My question is whether wealth tax return is necessarly to be filed or not in this case as per recent CBDT notification on welath tax return
10 September 2014
for wealth tax you need to check whether on valuation date i.e 31.3.2014 whether net assets exceeds rs 30 lkahs or not, if yes then wealth tax return is necessary/
10 September 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) provisions of Sec 44AB of IT Act not applicable- not to file WT Return. Hope, this will clarify the situation beyond doubt.
CAclubindia
