Wealth tax return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 October 2014 IS IT MANDATORY TO FILE WEEALTH TAX RETURN FOR ASSESSEE FILLING RETURN U/S 44AB. EVEN IF HE OR SHE DOES NOT HAVE MAXIMUM AMOUNT OF ASSETS WHICH IS NOT CHARGABLE TO WEALTH TAX AS PER WEALTH TAX ACT 1957

ANOTHER QUESTION IS THAT ONLY THOSE ASSETS WHICH IS BEING SHOWN IN BUSINESS BALANCE SHEET HAVE TO BE SHOWN IN FORM BB, OR EVEN PERSONAL ASSETS NOT SHOWN IN BALANCE SHEET OR BOOKS OF ACCOUNT TO BE SHOWN IN THE WEALTH TAX RETURN.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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02 October 2014 It is not mandatory to file wealth tax return for assessees who file their return u/s 44AB. In my opinion personal assets are required to be shown along with business assets in wealth tax return.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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05 October 2014 the only requirement is that if you are covered under 44AB audit, and you have to file wealth tax return, then wealth tax return also needs to be filed using DSC.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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05 October 2014 the only requirement is that if you are covered under 44AB audit, and you have to file wealth tax return, then wealth tax return also needs to be filed using DSC.