Wealth Tax Return

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Kamlesh Agrawal (Querist)
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01 November 2009 Question

In the case of Assessment year 2008-2009 wealth tax return has not been filed before the due date or completion of assessment Year. But Tax payable under wealth tax is paid for assessment year 2008-2009. Is it advisable to filed return of wealth tax? If yes what are the penalties other than interest is payable.

Thanks in advance

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 November 2009 If the net wealth exceeds the taxable limit return has to be filed voluntarily. No penalty is imposable for delay or failure in furnishing the return of net wealth.