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Changes made in Wealth Tax Return Form for Assessment Year 2014-15

CBDT wide its notification No. 32/2014 dated 23.06.2014 has amended the Wealth–Tax Rules, 1957. As per notification electronic filing of wealth tax return under the digital signatures has been made mandatory except in cases of individual or HUF assessees

CA Pradeep Kumar

CBDT wide its notification No. 32/2014 dated 23.06.2014 has amended the Wealth–Tax Rules, 1957. As per notification electronic filing of wealth tax return under the digital signatures has been made mandatory except in cases of individual or HUF assessees to whom provisions of tax audit are not applicable. A new wealth tax return form i.e. “Form BB” is prescribed for filling of wealth tax return in respect of Assessment Year 2014-15 & any other subsequent assessment year. Manual “Form BA” is to be used in respect of assessment year 2013-14 & earlier assessment years.

Following substantive changes has been incorporated in the New Form:-

1. Jewellery Items:-

Following disclosure about Jewellery Items is to be made in a separate schedule of wealth tax return:-

(i)           Description of jewellery item;

(ii)          Gross Weight;

(iii)        Net weight of precious metal;

(iv)         Description & weight of precious or semi -precious stones

(v)          Value of each precious or semi- precious stone and total value of all such stones.

(vi)         Total value of jewellery as per Schedule III

(vii)       Name of Registered Valuer

(viii)     Registration Number of Valuer

(ix)        Date of Report by Valuer

2. Other Properties:- From Assessment Year 2014-15 detail of all assets whether movable or immovable other than:-

(i)   Assets as defined under wealth tax act & are liable to wealth tax;

(ii)  Assets claimed as exempt;

(iii)        Assets located outside India;

(iv)Assets used for Business or Profession which is subject to audit under section 44AB;

to be filed up in the wealth tax return by Individual or HUF assessees.

It seems to be very strange that in the new form CBDT has required the Wealth Tax Assessees to disclose the particulars of properties/assets which are not covered under the definition of asset under section 2(ea) of Wealth Tax Act,1957.

(The author, Pardeep Kumar, is a Chartered Accountant from Rohtak, Haryana. He can be reached at pardeep.kumar2@escorts.co.in)

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Categories: Income Tax
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