Hi,
Pl clarify these doubts as early as possible.
1). Do we have to file Wealth tax return for every assessment year even though there is no change in wealth as per previous year Balance sheet.(No new purchase of any asset.prev yr amount & current year no change)
2). whether we can pay tax based on Book value of asset as on 31st-Mar or do we have to value the asset as per market value on 31st-Mar
wani
1) If tax is payable each year then return to be filed every year. If not liable to pay wealth tax then no need to submit return.
2) Market value of assets to be taken into account while computing wealth.
Just clarify one more point. For example for the Asst.year 2008-09 net wealth was
Rs 55.00 Lacs and we paid tax of Rs.40,000/-, and the same net wealth continous for the asst.year 2009-10.Now tell me whether we have to pay tax again this year and also whether we have to file return for the asst.year 2009-10 coz we have already filed wealth tax return for asst.year 2008-09 and also paid tax.Suppose the same net wealth continous for every asst.year, what is the solution for this.
Dear wanishree naidu
You have to go by the provisions which says the following
1)
Every person is required to file with the Wealth Tax officer a return of net wealth in Form BA, if his net wealth or net wealth of any oher person in respect of which he is assessable under the Act on the valuation date is of such an amount as to render him liable to wealth Tax.
RETURN SHOWING WEALTH TAX BELOW TAXABLE LIMIT (SEC 14(2)
A Return (other than the return furnished in responce to a notice under sec 17) which shown the net wealth below the maximum amount which is not chargable to tax shall be deemed never to have been furnished.
Going by this sec a return that will declare a tax liability is only contemplated under it. therefore if there is no liability it goes to say you need not file a return.
2)
PLEASE REFER TO SEC 7, FOR VALUATION OF ASSETS
REGARDS
KARTHI
whether Valuation of assets like Jewellry & Immovable property has to be done every year?
Whether assessee's got to obtain a certificate of Valuation from Valuer every year for jewellery?
Please help?
CAclubindia
