CA Sandeep Kanoi
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.
