CA Sandeep Kanoi

CBDT has vide notification No. 32/2014 dated 23.06.2014 prescribed new Wealth Tax Return Form BB wef A.Y. 2014-15 instead of old form BA. CBDT has also prescribed that this form can be filed online with or without digital signature. For certain class of Assessee i.e. Individual/HUF not liable to tax audit e-filing is optional but for other class of Assessees i.e. Individual/HUF liable to audit and Companies  return of net wealth in FORM BB shall be furnished electronically under digital signature. Notification is as follows :-

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION 32/2014

WEALTH‐TAX

Dated-  23rd June, 2014

S.O.1576 (E) .— In exercise of the powers conferred by clause (ba) and clause (bb) of sub‐section (2) of section 46 read with section 14A and section 14B of the Wealth‐tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following rules further to amend the Wealth‐tax Rules, 1957, namely:—

1. (1) These rules may be called the Wealth‐tax (1st Amendment) Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

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2. In the Wealth‐tax Rules, 1957 (hereinafter referred to as the “said rules”),—

(i) for rule 3, the following rule shall be substituted, namely:–

“3. Form of return of net wealth. — (1) The return of net wealth referred to in section 14 shall—

(a) in respect of assessment year 2013‐14 and earlier assessment years in the case of individuals, Hindu undivided families and companies, be in Form BA and shall be verified in the manner specified therein.

(b) in respect of the assessment year 2014‐15 and any other subsequent assessment year in the case of individuals, Hindu undivided families and companies be in Form BB and shall be verified in the manner specified therein.

(2) Subject to the provisions of sub‐rule (3), for the assessment year 2014‐15 and any other subsequent assessment year, the return of net wealth referred to in sub‐rule (1) shall be furnished electronically under digital signature.

(3) In case of individual or Hindu undivided family to whom the provisions of section 44AB of the Income‐tax Act, 1961(43 of 1961) are not applicable, the return of net wealth referred to in sub‐rule (1) may be furnished for assessment year 2014‐15 in a paper form.

(4) The return of net wealth required to be furnished in Form BB shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax and interest paid, or any document or copy of any account or form of report of valuation by registered valuer required to be attached with the return of net wealth under any provisions of the Act.

(5) The Director General of Income‐tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the returns in the manners specified in sub‐rule (2).”

3. In the said rules, in Appendix, after Form BA, the following Form shall be inserted; namely :‐

FORM BB

RETURN OF NET WET WEALTH

[See rule 3(1)(b) of Wealth-tax Rules, 1957]

[F.No.143/1/2014‐TPL]

(J. Saravanan)

Under Secretary, TPL

Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub‐section (ii) vide Notification number S.O. 3384(E), dated the 18th October, 1957 and last amended by Wealth‐tax (Second Amendment) Rules, vide Notification S.O. Number 470 (E) dated the 13th February 2009.

Download Format of Form BB

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0 responses to “CBDT notifies new Wealth Tax Return Form & Rules for Online Filing”

  1. ajaj says:

    sir, m not able to upload this utility

  2. ajaj says:

    how to submit/ upload this new form bb to goverment ??

  3. shashikala says:

    hello sir please help me on this problem Instead of FORM BB we filed FORM BA so is there any problem with that, please clarrify me

  4. CA SUJAY says:

    THE CONTROVERSIAL ISSUE SHOULD STOP NOW REGARDING WTR FILING. AS TO MY CLARIFICATION OF THE NOTIFICATION THOSE WHO ARE LIABLE TO FILE WRT AND HAVING TAX AUDIT MUST FILE IT WITH ONLINE WITH NEW FORM ANLONG WITH DSC.AND THOSE DOES’T HAVE TAX AUDIT INDIVIDUAL/HUF MAY FILE IT IN PAPER FORM

  5. A. Ranganathan says:

    I am a retired person nearing 83 years of age. Until four years ago I was systematically filing Wealth Tax returns but them my tax consultant advised me that, as my wealth is fairly constant and has not seen any substantial increase in the past few years, I may discontinue filing.

    Now there is so much written on Welth Tax, I think i need a rethink. Please advise:
    1. What items of wealth must be reported for wealth tax
    2. Bank Deposits, Mutual funds and investment in Equities and Tax Saving Bond should be reported
    3. Landed Properties including a residential one to be included?

    Wyat are the rules relating to Senior Citizens and Super Senior Citizens at their sunset years?

    A. Ranganathan

  6. Madhuri Modi says:

    Dear Laxmi,

    Wealth Tax return is not compulsory for all assessee coved U/s 44AB, CBDT notify the new form BB only. N/N No. 32/2014 said that the assessee who is required to file WTR that mean whose Net wealth is greater that Rs. 30 lakhs have to file their WTR online.

  7. Vaibhav Garg says:

    Yes WTR is compulsorily to be filed electronically for the Assessees for whom Tax Audit u/s 44AB is done (i.e. Individuals, HUFs and Companies), Earlier wealth Tax return was required to be filed only when the net wealth exceeds Rs 30 Lacs. but w.e.f A/Y 2014-15, it is compulsory if Tax Audit is done u/s 44AB.
    WTR is to be filed electronically in Form BB, Utility is now available on incometaxindiaefiling.gov.in.

  8. Harsewak Singh says:

    For Companies it is compulsory
    For I/HUF if Income less than 8% and Turnover also less than limit of Rs 1 crore/ 25 Lacs—- Compulsory Due Date 30.09.2014 E return with DSC.
    For I/HUF if Turnover Above linits under Sec 44AB clause i and ii than also WTR compulsory Due Date 30.09.2014 e- WTR with DSC

  9. Laxmi Mittal says:

    Sir!
    Is it compulsory to file Waelth Tax return is all cases covered under Sec. 44AB , where Tax Audit is compulsory & so also in case of Companies wheer Tax audit not not compulsary pl.

    Pl. reply by mail at lnmittal@dataone.in

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