[aaykarbhavan] Re: [Lucknow-Ca] IT:CBDT releases Form BB (Return of Net Wealth) for AY 2014-15

Dear Sir,

There are many persons think that the person who is liable to 

tax audit are also liable to file wealth tax return. 

But if the person is not liable to wealth tax (Net Wealth less than 

30 lakhs) and liable to tax audit is not required to file wealth

tax returns. The amendments is made in rules of filling wealth

tax returns and it only says that the person who is liable to tax

audit is required to file wealth tax return electronically.

But if he not liable to wealth tax then it is not mandatory to 

file wealth tax return even he is liable to tax audit.

Members vies are welcome.

Thanks and Regards

CA Jaysukh T. Mehta

On Fri, Jul 4, 2014 at 12:05 PM, Nitesh More moreassociate@gmail.com [lucknow-ca] <lucknow-ca@yahoogroups.com> wrote:

 

From: Ajay Gupta <ajay@panaceasolutions.in>

​CBDT releases Form BB (Return of Net Wealth) for AY 2014-15

A company and an assessee being individual or HUF who is liable to audit u/s 44AB are required to furnish Form BB (Return of Net Wealth) electronically under digital signature for assessment year 2014‐15 and onwards. [Refer Notification No:32/2014 dated 23/06/2014].

Some of the Important Feature related to Filing of Form BB (Return of Net Wealth Tax) Applicable from AY 2014-15.

1. New wealth tax return form BB shall be applicable from assessment year 2014-15 for Years Prior to this Form BA will continue to remain applicable.

2. E filing of wealth tax return is mandatory for all type of persons for assessment year 2014-15 onwards except for  Individual / HUF to whom provision of section 44AB (tax audit) is not applicable in assessment year 2014-15.

3. Individual / HUF to whom provision of section 44AB (tax audit) is not applicable in assessment year 2014-15 may file wealth tax return on paper form.

4. Exemption to Individual / HUF from e-filing of form BB is granted  only for AY 2014-15.so from next year (AY 2015-16) all person are required to e file wealth tax return with digital signature.

5. E filing is to be done with digital signature.

6. Form BB shall not be accompanied by any document i.e.-

statement of computation of tax payable,

valuation report of registered valuer,

proof of tax or interest deposit.​

CA Ajay Gupta Cell +91 9810985346 | +91 9911402427 Panacea Financial Solutions Pvt. Ltd.   Admin off.: RZ-218, Q Ext., Uttam Vihar, Uttam Nagar New Delhi - 110059  Reg off.: B-503, Gaurav Shikhar, Aakash, Thakur Village, Kandivali (E), Mumbai - 400101. www.panaceasolutions.in | www.startcompanyindia.com

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Posted by: jaysukhca mehta <jtmehtaca@gmail.com>

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